{"id":26903,"date":"2024-08-18T17:00:54","date_gmt":"2024-08-18T14:00:54","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26903"},"modified":"2024-08-18T09:55:03","modified_gmt":"2024-08-18T06:55:03","slug":"makerdao-stops-new-loans-against-wrapped-bitcoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/makerdao-stops-new-loans-against-wrapped-bitcoin\/","title":{"rendered":"MakerDAO Stops New Loans Against Wrapped Bitcoin"},"content":{"rendered":"<p>Approved was the proposal from <strong>MakerDAO<\/strong> contributors to stop new borrowing against BitGo&#8217;s tokenized bitcoin, sometimes referred to as wrapped bitcoin as collateral.<\/p>\n<p><strong>MakerDAO<\/strong> authorized an executive vote lowering the WBTC debt limit to zero and forbiting any new loans guaranteed by WBTC collateral. Furthermore, set to 0% was WBTC&#8217;s loan-to-value (LTV) ratio. <strong>MakerDAO<\/strong> notably enables users to mint the DAI stablecoin as an overdollaterized loan.<\/p>\n<p>Since the liquidation level stays the same, these changes have no effect on current loans guaranteed by WBTC.<\/p>\n<p>Following Bitgo, the developer and guardian of WBTC, who revealed a collaboration with BiT Global (connected to Tron founder Justin Sun) to manage WBTC custody, moving custody from the U.S. to other jurisdictions, including Hong Kong and Singapore, the risk parameter modification affecting WBTC came after.<\/p>\n<p>Inspired by Sun&#8217;s dubious reputation and the possible centralization of control, this development caused security issues among <strong>MakerDAO<\/strong> members, which led to the modifications. BitGo CEO Mike Belshe underlined in defense the company&#8217;s dedication to security as well as the legal control of BitGo and BiT Global.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Approved was the proposal from MakerDAO contributors to stop new borrowing against BitGo&#8217;s tokenized bitcoin, sometimes referred to as wrapped bitcoin as collateral. MakerDAO authorized an executive vote lowering the WBTC debt limit to zero and forbiting any new loans guaranteed by WBTC collateral. Furthermore, set to 0% was WBTC&#8217;s loan-to-value (LTV) ratio. MakerDAO notably<\/p>\n","protected":false},"author":6,"featured_media":26904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,1652,1024,1702],"class_list":["post-26903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitgo","tag-makerdao","tag-wbtc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MakerDAO Stops New Loans Against Wrapped Bitcoin - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/makerdao-stops-new-loans-against-wrapped-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MakerDAO Stops New Loans Against Wrapped Bitcoin - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Approved was the proposal from MakerDAO contributors to stop new borrowing against BitGo&#8217;s tokenized bitcoin, sometimes referred to as wrapped bitcoin as collateral. MakerDAO authorized an executive vote lowering the WBTC debt limit to zero and forbiting any new loans guaranteed by WBTC collateral. Furthermore, set to 0% was WBTC&#8217;s loan-to-value (LTV) ratio. 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