Justin Sun: cbBTC Lacks Reserve Proof, Has No Audit, and Can Freeze Balances Anytime; A Dark Day for BTC

**Justin Sun Raises Red Flags on cbBTC: A Cautionary Note for Crypto Investors**

In a recent statement, cryptocurrency entrepreneur Justin Sun expressed serious concerns regarding cbBTC, claiming it lacks essential features like proof of reserve and independent auditing. He pointed out that users should be wary, as the platform can freeze any individual’s balance at any moment. “Essentially, it’s all about ‘trust me’,” Sun cautioned, emphasizing the inherent risks involved in relying on such systems.

Furthermore, he highlighted the alarming possibility that any U.S. government subpoena could lead to the seizure of all Bitcoin holdings. This assertion underlines the precarious nature of centralization in the crypto space, stressing that there might be no better representation of Bitcoin than that of a central bank.

With these revelations, Sun paints a bleak picture for Bitcoin enthusiasts, marking what he describes as a “dark day” for BTC. Investors are advised to remain vigilant and informed, particularly in an environment rife with uncertainty and potential regulatory challenges.