Wrapped tokens on Solana issued by FTX or Alameda Research are experiencing a significant decline. After both departmentsapply forChapter 11 Bankruptcy Protection
The price of wrapped bitcoin on Sollet fell. 69.5% in the last 24 hours The current price is at $4,312 the dollar, which is a far cry from the current price of bitcoin at $16,819, according to CoinGecko It shows an announcement on its website that “soBTC tokens issued by FTX or Alameda are no longer redeemable.”
Wraped ether on Sollet fell 9% to $1,138 during the same period, while ether was trading at $1,255 and CoinGecko was showing the same warning for soETH as soBTC.
Many of the wrapped tokens on Solana are regulated by FTX or Alameda, according to the founder of Rotkiapp, an open-source portfolio follower on Twitter.increaseSays: “That means they can no longer be traded back and the price could go down to 0,” also pseudonymous crypto writer Aylo.notedsaying, “Solana DeFi will bear this loss.”
The bankruptcy of @FTX_Official and @AlamedaResearch ripples far. We have not seen all dominoes fall.
For example @solana wrapped assets were customized 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
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