Wrapped Bitcoin (WBTC), Depeg Linked to Alameda Research; FUD or Truth?
Wrapped Bitcoin Depeg News (WBTC). Following the chaos surrounding FTX’s collapse in recent weeks speculation is now rife about the Wrapped Bitcoin depegging from Bitcoin prices. Although rumors have suggested that wBTC may be missing because it belonged Alameda Research’s, BitGo team stated routine maintenance of DAO multisig rotation. BitGo’s wBTC Order Book shows that there is slightly more Bitcoin custody than the total amount of wBTC on the network. This means that there is more Bitcoin (BTC), to support the issued wBTC.
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wBTC Linked to Alameda Research
BitGo’s product manager Kia Mosayeri cited the presence of assets in cold storage as a reason for gaps in the transaction stream. Contrary to speculation about Alameda Research links, he stated that the bankrupt firm is irrelevant in this case. Duo Nine, a Twitter technical analyst, shared data about wBTC holdings. He shared data showing Alameda had wBTC. This data cannot be reclaimed as Alameda is bankrupt.
#Alameda investors (aka #FTX users) cannot reclaim 72k #WBTC because they are both bankrupt
Who is the owner of those 72k #BTC? Are they real?
What a mess. pic.twitter.com/X6GvM1EZBK
— Duo Nine discord.gg/ycc (@DU09BTC) November 25, 2022
BitGo’s wBTC order books show that BitGo claims to have custody for 225.862 wBTC, compared to a total of 235,452. BitGo has a surplus of around 10,000 BTC. The custodian also controls BitGo’s dashboard, which contains Bitcoin addresses. If the speculation is true, it could mean that Alameda Research may still owe the assets of selling them off.
Mosayeri stated that there is a lot FUD about WBTC. “WBTC redemptions have been processed very well. There are intervals for arbs because assets are in cold storage.
Wrapped Bitcoin (WBTC), currently at 0.9836 BTC is a lower price than the 1 Bitcoin it should be maintaining. The difference between BTC and WBTC was approximately $250 due to the depegging. According to CoinMarketCap, the wBTC price is currently at $16,256. This is a decrease of 1.40% over the last 24 hours. Bitcoin is currently at $16,528.60 and has fallen 0.29% over the past 24 hours.
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