Cassie Heart on Warpcast

Cassie Heart pfp

I had a strong philosophical difference of views about what should be done in the direction of crypto's future, which is what lead me to leave Coinbase. But I will say, without a shadow of a doubt, that Coinbase is being put through absolute FUD nonsense with this, and it's so obvious the origin of this attack is coming from one of the least trustworthy people in this industry. Would you rather trust your wrapped BTC with: 1. An audited public company with extremely rigid security controls and compliance teams (cbBTC), or 2. Justin Sun holding enough keys to a multisig to control it at any time (wBTC) And if your answer is genuinely 2, dear god why? https://x.com/CampbellJAustin/status/1835774529408553203

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law pfp

Okay so, Cassie. I through the cast and as a non-technical person, I'm still trying to wrap my head around the concept of multisig wallets and how they work. Can you explain it in maybe simpler terms? How does it affect the security and control of assets like wBTC?

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Cassie Heart pfp

On a simple level, a multisig is like a voting process, where to take an action, the threshold (sometimes just simple majority, like 2 out of 3 total, sometimes a super majority, like 5 out of 6) must be met. Wrapped BTC's new owner ultimately traces up to Justin Sun, whose criminal behavior has previously been well documented. The possessor of two of three necessary keys, is now BiT Global, and when you trace the shell game structure down, ultimately, Justin Sun.

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kia pfp

they supposedly changed the arrangement after community pushback. bit global has 1 key. two different bitgo custody entities each have 1.

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law pfp

Wow. I think I’m getting it now Aren’t there some security measures in place to prevent potential exploits or attacks like that, Like…are there any specific cryptographic techniques or protocols that are/can be used to ensure the integrity and confidentiality of the wrapped assets? Or it all doesn’t matter cus Justin Sun is in charge

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