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Justin Sun is an advisor to BiT Global (which sometimes calls itself BitGlobal, sometimes BiTGlobal, sometimes Bit Global, and sometimes Bithumb).

This entity will now be involved in the custody of the bitcoins held for WBTC, which traditionally has been custodied with BitGo.

How involved is Justin Sun with WBTC's new custodian BiT Global?

Sun has been a little reticent to discuss his total involvement, but Mike Belshe, BitGo's chief exec, has insisted that Sun is "not in the management team of BiTGlobal nor does he have any key material access."

Belshe also tried to reassure people by highlighting that no shareholder could own more than 20% because this was a regulated trust company in Hong Kong. Belshe didn't mention that all five shareholders are at the same address; four of them are variants on 'Digital [insert noun] Technology Limited,' and the final is Global Ayn Limited, which appears to be a reference to Sun's favorite author, Ayn Rand.

Additionally, one of the firm's two directors, Yiying Jiang, a trusted deputy of Sun who owned Huobi Technology Europe, was a director for the TRON Network, signed the attestations for TrueUSD, was a director for Sun-owned DTV live, and was a director for Augustech LLC when it was providing services to Sun-owned Poloniex.

This seems to suggest that Sun is interested in BiT Global but apparently lacks "any key material access."

Perhaps the more interesting question is trying to figure out why he wants to get involved in the project.

WBTC hasn't been a significant moneymaker for BitGo, with Belshe even highlighting how accounting standards at times made it appear that BitGo had an $8 billion shortfall on its balance sheet.

So it makes sense for BitGo to be looking for ways to avoid this business, especially with Belshe noting that accounting standards outside the US can avoid this accounting treatment.

Perhaps Sun is confident he can raise the redemption fee to a point where it will become a big money-maker, but that seems like it may run into the fact that people don't like paying fees.

Justin Sun has 99 problems and WBTC is two of them

This is further complicated by the fact that Sun-owned Poloniex operates another wrapped bitcoin product that targets Tron, is over 1,000 times larger than WBTC on Tron, and doesn't disclose its backing.

This product additionally makes up the majority of all bitcoin on Sun-advised HTX.

Justin Sun-advised HTX plays games with its reserves

Which makes it seem as though Sun is already super familiar with bitcoin on Tron. This is strange because the original BitGo press release claimed that "this is a strategic partnership between BitGo, Justin Sun, and the Tron ecosystem," but Justin Sun and the Tron ecosystem already have a very similar product.

Why does he need another?