This is pending release of Chris’ report being published

Commentary points:

• The author is not entirely against the existence of wrapped assets like WBTC but emphasizes the importance of understanding the nuances and developing an appropriate risk framework based on that knowledge.
• WBTC was one of the first and most notable custodial wrapped assets on the Ethereum blockchain to achieve widespread use. It was created by Kyber and Republic (now Ren Protocol) in late 2019 as a way to peg Bitcoin's price to an ERC-20 asset.
• BitGo, a well-known crypto custodian, was chosen to hold the native Bitcoin backing the tokens.
• The creators of WBTC made an attempt to create something slightly more decentralized than other wrapped assets by creating a multisig owned by several different DeFi projects. This means that BitGo holds the native Bitcoin but does not have the ability to control the circulating WBTC tokens.
• The WBTC multisig can pause the entire token contract, but cannot freeze or blacklist individual addresses.
• BitGo must be trusted to remain solvent, honest and principled, as it holds all the control over WBTC and if it loses the native BTC collateral, the WBTC tokens will become worthless.
• The WBTC ecosystem includes two multisigs with overlapping signers, "Small DAO" and "Large DAO", responsible for adding and removing merchants and minting and burning WBTC.