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Digital encapsulated tokens issued by FTX or Alameda are no longer redeemable!

 


Following FTX's Chapter 11 bankruptcy filing, the encapsulated cryptocurrency issued by crypto exchange FTX or its sister trading partner Alameda Research has now been hit by a significant drop in prices.


According to Coingecko data, the bitcoin encapsulated on Sollet has fallen by more than 60% in the past 24 hours, significantly below the value of the original bitcoin.


In contrast, the price of Ethereum encapsulated on Sollet also fell but by only 8% over the same 24-hour time frame.


It should be noted that for both encapsulated digital tokens, soETH and soBTC, Coingecko displays a warning notice on its website that:

SOBTC digital tokens are encapsulated with bitcoin tokens issued by FTX or ALAMEDA.

These two entities have filed for Chapter 11 bankruptcy, so the original cryptocurrency is no longer recoverable.

Cryptocurrencies, such as Bitcoin or Ethereum, on Solana make these assets available for use on the Solana blockchain so that users can hold or trade them in place of actual Bitcoin or Ethereum.


The founder of Roktiapp, an open source wallet tracking app, commented on these encapsulated assets:

Since most of the assets encapsulated on Solana are held by the now collapsed crypto exchange FTX and ALAMEDA, the encapsulated digital tokens are no longer redeemable and will likely go to 0.


The worst-case scenario has come true for SOBTC - nothing supports it, hackers have access to FTX accounts and no one takes any responsibility.

 

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