30s Summary

On November 23, 2024, the price of Wrapped Bitcoin (WBTC) experienced a flash crash on Binance, dropping from around $98,000 to $5,200. However, it quickly recovered. This incident occurred shortly after Coinbase announced plans to delist WBTC, possibly prioritising its own product, cbBTC. Tension arose during WBTC’s transition to multi-jurisdiction custody, and Tron founder, Justin Sun’s involvement sparked controversy. Sky’s community even voted to stop using WBTC.

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On November 23, 2024, something weird happened. The cost of the Wrapped Bitcoin (WBTC) took a serious nosedive on Binance. One moment it was bopping along at around $98K, next moment it was down to about $5,200. Yeah, you heard that right! But this wasn’t on all platforms, just Binance.

This sudden fall event is known as a flash crash, and it’s typically caused by some kind of glitch in the trading system. Luckily, the WBTC price bounced back immediately and ended the day around $97K – it’s now just business as usual!

Interestingly, this happened a few days after Coinbase announced they were going to pull WBTC from their list. As of December 19, around lunchtime, you won’t find WBTC on Coinbase anymore.

Now, people aren’t too overjoyed with Coinbase dumping WBTC. Some are saying the platform is just trying to make way for their own Bitcoin product, cbBTC. After all, the more competition, the harder it is to claim top spot, right?

In all this drama, we can’t forget that when Coinbase launched cbBTC in September 2024, it wasn’t exactly smooth sailing. Things got a bit fishy with Wrapped Bitcoin’s transition to multi-jurisdiction custody where the private keys to Bitcoin were being shared among the U.S., Hong Kong, and Singapore.

The plot thickened when Tron founder, Justin Sun, got involved. Many in the crypto community weren’t having it. Fans of former Maker community, now called Sky, were so peeved about this that they even voted to stop using WBTC on their platform. Oh, the drama!