What Is Alameda's Attempt To Unwrap WBTC?

Posted by Somendra Kumar on January 4th, 2023

The Ethereum transaction tracker Etherscan validated Alameda's effort to unwrap the 3,000 wBTC. While normally, this would have resulted in the redemption of BTC, Bitgo has a protection measure in place prior to the conversion, which Alameda failed to implement. It is unclear why the million worth of wBTC was attempted to be redeemed, but it is known that FTX management was working up to the very last minute to find money from a number of sources to avoid bankruptcy. Many people ask where to store Wrapped Bitcoin. Is there any useful Wrapped Bitcoin wallet? Yes, you can find them from Cryptoknowmics. Also, find out more about Alameda’s attempt to unwrap WBTC. 

What Happens With WBTC?

Get details on Wrapped Bitcoin staking from Cryptoknowmics. When submitted to a burn address, which causes the liberation of BTC, WBTC—a tokenized form of BTC—can be reclaimed for BTC. A 1:1 ratio is used for the conversion. Holders of wrapped Bitcoin can now communicate with decentralized programs and smart contracts built on Ethereum, thanks to tokenization. From Cryptoknowmics, you can realize the best Wrapped Bitcoin wallet extension. According to the WBTC dashboard, BitGo presently has 202,255 BTC in its possession compared to the 199,238 wBTC that are in circulation, for an over-collateralization rate of 101.51%.