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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
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.

soBTC Issued By FTX Is No Longer Redeemable
soBTC price. Source: CoinGecko

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.

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Harold

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Harold

12 November 2022, 17:43:25 GMT +0000

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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