Justin Sun Might Be Good for Wrapped Bitcoin, Says New Custodian's Director

In August, the mere disclosure that Tron founder Justin Sun was involved in the custody operations related to wrapped bitcoin (WBTC) – a popular token in decentralized finance – was enough to rattle the crypto industry.

This week's issue could not be more chock-full of blockchain content. We clarify Tron founder Justin Sun's role in the WBTC project, bring you excerpts from the new crypto book "Lessons Learned" and highlight inspirational women of Web3 and AI.

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Is Tron founder Justin Sun good or bad for wrapped bitcoin (WBTC), the Ethereum token backed by bitcoin held in custody? It was a one-sided argument before – mostly bad. Now, there's a counterargument that's not entirely crazy. Read down for our exclusive interview with Robert Liu, director at BiT Global, a new Hong Kong-based custodian advised by Sun that holds one of the project's three keys.

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Schematic of QuarkID architecture, from the project documentation (QuarkID)

MUNICIPAL INTEGRATION: The city of Buenos Aires has launched a digital identity service designed to strengthen residents' privacy using zero-knowledge proofs, a type of cryptography that long predates but often bolsters cryptocurrencies. The service, QuarkID, has been integrated into miBA, the city's seven-year-֯old app for accessing municipal services and documents. The idea, in short, is to give 3.6 million porteños – residents of Buenos Aires – greater control over their personal information. The ZK proofs will let users show that a document has indeed been authenticated by the government without disclosing information that is irrelevant to the task at hand. The development has got some industry executives buzzing: "It sounds like if this goes well, other countries in the region, like Uruguay, could follow suit," Harrison Seletsky, director of business development at digital identity platform SPACE ID, told CoinDesk in an emailed statement.

ELECTION PUSH. Is dark money manipulating prediction markets? A mysterious high-stakes bettor, identified as "Fredi9999," has spent $25 million solely betting on Trump across prediction markets, according to research done by Polymarket whale "Domer." Fredi, according to on-chain detective work done by Domer, appears to operate under multiple accounts – Fredi9999, PrincessCaro, Michie and Theo – funded through sizable Kraken deposits (in precise amounts like $500,000 or $1 million). The matter has drawn mainstream media attention, from the likes of the Wall Street Journal and Reuters, while inspiring speculation over whether the trader was "spending heavily to 'paint the tape' and make a Trump victory appear more likely."

DE-REBRANDING? The DeFi project formerly known as Maker, now known as Sky, could soon be formerly known as Sky, once again known as Maker. The reconsideration of its recent marketing and branding overhaul came in response to a lukewarm reception, and after a successful launch of the USDS stablecoin. “It is also now more clear than ever just how much the DeFi community loves and trusts the Maker brand,” Sky co-founder Rune Christensen wrote on its governance forum. "There was a lot of affinity for the brand and what it stands for: stability, security, and DeFi scale. And there is a lot of commitment to holding the MKR token versus upgrading to SKY."

XRP FOR HARRIS! Ripple co-founder and Executive Chairman Chris Larsen said he's pitching in with $10 million in XRP tokens to the political action committee Future Forward, in support of U.S. Vice President Kamala Harris's run for president as the Democratic candidate. "It's time for the Democrats to have a new approach to tech innovation, including crypto," he wrote, adding that Harris "will ensure that American technology dominates the world." Federal Election Commission records show Larsen had previously donated $1,750,000 to the PAC. He's also given hundreds of thousands of dollars to Democratic congressional campaigns.

CHARGES WITHDRAWN. Nigeria's government has withdrawn the money laundering charges against Binance executive Tigran Gambaryan days after a court denied him bail, local news outlet Punch reported first on Wednesday. "People are on the way to give the order" to the Kuje prison and then he should be released "immediately," Gambaryan's lawyer Mark Mordi told CoinDesk on the phone. He did not share any other details about when Gambaryan is expected to leave the country.

Satflow takes aim at the practice known as 'mempool sniping' in new decentralized exchange for trading Ordinals and Runes tokens (A.B. Frost/Wikipedia, modified by CoinDesk using PhotoMosh)

Satflow, a Bitcoin infrastructure firm focused on the Ordinals and Runes ecosystems, has introduced a decentralized exchange (DEX)

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