Solana’s Wrapped Bitcoin Price Craters After FTX Shuts Exit Ramp

Sollet Bitcoin (soBTC), a so-called “wrapped” asset supposedly backed 1-to-1 with bitcoin, plummeted $10,000 at around 2:00 p.m. Eastern Standard Time, according to DeFi protocol Raydium. It had already spent much of the day trading below its bitcoin peg on the news that FTX had filed for bankruptcy protection.

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