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Bull Run Blackmore ©️ ⚡️ 2 minutes reading from Bitcoin

Bitcoin News in Review: WBTC, BTC may be Gone & BTC may still be Lost?

I believe this is/was and possibly still is a concern for BTC wrapped on ETH

Who has been down that rabbit hole? Fairly sure the company which issued “WBTC” based on BTC from companies like 3AC etc, well that BTC may well be gone

Infact I can’t even find the issuer of WBTC…

In a simple google search, trying to dig into this now, what if the next part of the fall out is simply that WBTC can’t be redeemed for BTC making Bitcoin utterly worthless in Eth de-fi and ultimately taking out more firms leveraged against it… possible?

There's 130 companies effected/purchased by FTX which will likely go under and who likely are also involved or exposed to BTC / WBTC within defi

Check the next tweet, need to add some "X"'s to the companies that are wiped out and part of the "WBTC community"...

2 obvious ones here. I Think REN may have lost their treasury in FTX to?

Starting to get a bad feeling that if all WBTC was attempted to be claimed for BTC... there wouldn't be enough BTC to claim it all by the counter parties.

No BTC on their balance sheet. They were a main place to swap between btc/wbtc to. weeeird

sheet https://twitter.com/BitcoinMagazine/status/1591519502805905408?s=20&t=EjKpm2HH9U8DG2iNON4Y2A

This post is based on this twitter thread.


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