Wrapped Bitcoin (WBTC) Depeg Linked To Alameda Research? – Crypto News – Crypto News
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Wrapped Bitcoin (WBTC) Depeg Linked To Alameda Research? – Crypto News

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3 years ago

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Wrapped Bitcoin (WBTC) Depeg News: Following the chaos around ftx collapse in recent weeks, speculation is now rife around the Wrapped Bitcoin (wBTC) depegging from the Bitcoin price. While the rumors suggest certain wBTC is missing as it belonged to Alameda Research, the BitGo team cited routine maintenance of DAO multisig rotation. BitGo’s wBTC order book shows that there is a slight excess in Bitcoin custody compared to the total wBTC in the network. It means there are more Bitcoin (BTC) to support the number of issued wBTC.

wBTC Linked To Alameda Research?

Kia Mosayeri, Product Manager at BitGo, cited presence of assets in cold storage for gaps in the transaction stream. Contrary to the speculation around links to Alameda Research, he said the bankrupt firm is not relevant in this case. The speculation began after Duo Nine, who claims to be a technical analyst on Twitter, shared some data on wBTC holdings. He shared data that showed Alameda held around wBTC, which can’t be reclaimed now as it is bankrupt.

However, according to the wBTC order book details of BitGo, the firm claims to be holding custody for 225,862 wBTC against a total of 235,452. This means BitGo essentially holds around 10,000 BTC in excess.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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