Following the filed Chapter 11 bankruptcy from FTX, the wrapped tokens issued by the crypto exchange or its sister trading shop Alameda Research have now undergone a price decline.
According to data from Coingecko, Wrapped bitcoin on Sollet is down by over 60% in the past 24 hours, falling from its native bitcoin’s current $16,811. In contrast, Wrapped ETH on Sollet is also down but by only about 8% to $1,209 over the same 24 hours time frame. Native ETH is trading at $1,261, at the time of writing.
Notably, for both wrapped tokens, soETH and soBTC, Coingecko is displaying a warning notice on its website that reads: “soBTC tokens are wrapped BTC tokens issued by FTX or Alameda. Both these entities have filed for Chapter 11 bankruptcy, and the BTC tokens are no longer redeemable.”
Wrapping tokens, such as the one for Bitcoin or Ethereum, on Solana make these assets available for usage on the Solana blockchain so users can hold or…
