On September 20, lending platform Sky (formerly MakerDAO) passed a proposal to divest $200 million worth of WBTC collateral exposure. The vote started on Monday and lasted for three days, with 88% of participants voting in favor of shedding wBTC. Five separate proposals were presented to implement a five-step exit process. Approximately 12% abstained.

Following the vote, Sky will move forward with the WBTC decommissioning process, with the first phase commencing on October 3 and the final phase concluding on November 28.

In its proposal for divesting WBTC, BA Labs cited risks associated with Tron founder Justin Sun's involvement in BiTGlobal, the underlying asset custodian. BitGo, the original custodian of WBTC, announced in August that it planned to transfer control of the asset to a joint operation with BiT Global, which has its regulatory operations based in Hong Kong.