WBTC and stETH tokens have lost their link to the "original" assets

Amid the collapse of the FTX exchange and Alameda Research, the wrapped token Wrapped Bitcoin (WBTC) and stETH from the liquid staking service Lido lost parity with Bitcoin and Ethereum, respectively.

Since November 21, the price of WBTC has lost its peg to the first cryptocurrency several times. The maximum deviation from the “reference” value was 2.5%, according to CoinGecko. At the time of writing, the token is trading near 0.99 BTC (on the Binance platform).

There was a danger in the community that Alameda Research and CoinList actively minted the token. According to Dune Analytics, the Sam Bankman-Freed-affiliated company has contributed 101,746 WBTC, and the cryptocurrency exchange generated 48,408 WBTC — they rank #1 and #2 in terms of value.

On November 11, FTX Group (includes Alameda Research) filed for insolvency. A few days later, CoinList suspended the withdrawal of assets. Some use reports that still do not withdraw funds. The exchange called such information rumors.

In response to information circulating on the network, Chen Fang, COO of custody service BitGo, said that every WBTC issued is backed by the "original" asset one-for-one. According to him, this data can be verified in the blockchain.


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