WBTC and stETH Lose Their Link to The Original Assets

Reading Time: < 1 minute

Wrapped tokens Wrapped Bitcoin (WBTC) and stETH from liquid staking service Lido have lost parity with Bitcoin and Ethereum, respectively, amid the collapse of FTX and Alameda Research.

The price of WBTC has lost its peg to BTC several times since November 21. The maximum deviation from the “reference” value was 2.5%.

The fact that Alameda Research and CoinList actively minted the token raised concerns in the community. According to Dune Analytics, the company affiliated with Sam Bankman-Fried participated in the creation of 101,746 WBTC, the crypto exchange issued 48,408 WBTC: they are respectively ranked first and second in terms of the indicator.

FTX Group filed for insolvency last November 11.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!