soBTC Issued By FTX Is No Longer Redeemable

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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.

soBTC Issued By FTX Is No Longer Redeemable 3

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:

The bankruptcy of @FTX_Official and @AlamedaResearch ripples far. We have not seen all dominoes fall.

For example @solana wrapped assets were custodied by them. That means they are no longer redeemable and will probably go to 0.

They already dropped 76% within an hour ???? pic.twitter.com/4WUfua5nYK
— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) November 12, 2022

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

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