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FTX/Alameda Wrapped Tokens on Solana Are No Longer Redeemable: What It Means for soBTC & soETH FTX/Alameda Wrapped Tokens on Solana Are No Longer Redeemable: What It Means for soBTC & soETH A quick, clear explainer on how wrapped-token redemption works, what changed after FTX/Alameda’s collapse, and practical steps to reduce risk. When backing fails, wrapped tokens can lose redemption and deviate from their peg. Key takeaways Wrapped tokens like soBTC and soETH relied on redemption backing tied to FTX/Alameda. After bankruptcy, redemption mechanisms ceased , causing price dislocations on Solana. Holders should evaluate liquidity, contract risk, and official notices before acting. Contents What Happened Wrapped ...