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Topic: WBTC vs BTC - page 2. (Read 268 times)

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Activity: 3500
Merit: 6152
November 12, 2022, 10:57:32 AM
#1
So apparently, soBTC de-pegged and crashed to ~3000$ earlier today. The cause? FTX:

soBTC tokens are wrapped BTC tokens issued by FTX or Alameda. Both these entities have filed for Chapter 11 bankruptcy and the BTC tokens are no longer redeemable.

Just thought I'd use this to remind beginners that WBTC is not the real bitcoin and you shouldn't be using it, especially if your plan is to hold for the long term.

If you want to read more about the risks involved, you can check this article: https://medium.com/wanchain-foundation/how-safe-are-todays-wrapped-btc-bridges-b0f35a7b15e2
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