soBTC Issued By FTX Is No Longer Redeemable

Following the filing of both companies for Chapter 11 bankruptcy protection, wrapped tokens on Solana issued by FTX or Alameda Research have seen substantial decreases.

Over the past 24 hours, the price of wrapped Bitcoin on Sollet (soBTC) has decreased by 47.5%. According to CoinGecko, its current price is $8,064, a far cry from the price of native Bitcoin’s current $16,890.

The founder of open-source portfolio tracker Rotkiapp stated on Twitter that many Solana-wrapped assets were held by FTX or Alameda:

There are currently rumors that FTX is trying to get users’ funds after a recent $600 million hack on this exchange.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News