During an online discussion, BitGo CEO Mike Belshe emphasized the importance of decentralization in wBTC custody, stating that no single party can access or control the asset keys. He elaborated, saying, "There is no single party that has the ability to mint or steal from the underlying treasury." His reassurance aims to address community concerns about operational mechanics and the potential implications of Justin Sun's involvement.
Belshe provided clarity on the structure of BiT Global, clarifying that Justin Sun is not an employee and that the entity operates under specific regulations that prevent any individual from holding more than 20% ownership. He stated, "The company is structured as a public holding company in Hong Kong with a fiduciary duty to secure customer assets." This structure is designed to enhance the security and decentralization of wBTC.
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