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Wrapped Bitcoin Depeg Linked to Alameda Research; FUD or Truth?

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 than the total wBTC in the network. It means there are more Bitcoin (BTC) to support the number of issued wBTC.

Kia Mosayeri, Product Manager at BitGo, 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.

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