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What are wrapped tokens and how do they work?

PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks goes live on or after March 10th, 2023.

Celsius Network established a crypto wallet with $25 million of crypto assets for the lender's custody account holders to withdraw, Arkham Intelligence said in a report. Eligible customers have withdrawn some $17.7 million of crypto assets, the firm's chief executive said in a Wednesday court hearing.

Cardano excites the crypto world by successfully minting its first cBTC.

Key Points: Celsius, a cryptocurrency lending platform that has been struggling financially, recently converted nearly 23,000 Wrapped Bitcoin (WBTC) tokens into Bitcoin. The conversion was approved by the Celsius creditor committee and occurred on February 28th, according to court filings related to Celsius' ongoing Chapter 11 bankruptcy proceedings.

Beleaguered crypto lender Celsius converted 22,962.8 WBTC into bitcoin on Feb. 28, according to a regulatory filing.

The supply of wrapped Bitcoin (wBTC) has hit its lowest point since May 2021 following a significant burn of 11,500 wBTC linked to Celsius. The current total supply of wBTC stands at 164,396, with a monthly growth rate of -7.39%.

In a significant development, the supply of Wrapped Bitcoin (wBTC) has dropped to a negative value after a significant burn of 11,500 wBTC. The burn was linked to Celsius, a decentralized finance platform offering cryptocurrency lending and borrowing services.

Wrapped Bitcoin's (WBTC) supply on Ethereum shrunk by 23,384 — roughly 15% — to 153,164 in February — its lowest level since March 2021, according to Dune analytics data.

According to the on-chain security and data analytics company PeckShield, two wallet addresses, marked as the bankrupt Celsius Network, have awakened again.

Wrapped Bitcoin garnered DeFi traders' support in the 2021-22 bull season, but the demand started to fade post numerous crypto contagions led to redemptions.

Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has decreased by 40,156. This equates to a more than 18% redemption of the circulating supply of WBTC since Nov. 27, 2022.

Wrapped Bitcoin (WBTC) supply on Ethereum (ETH) plunged by over 35% to 183,450 since Terra (LUNA) collapsed in May 2022, according to Glassnode data. The post WBTC supply on Ethereum dropped 35% since LUNA collapse appeared first on CryptoSlate.

Data suggests the wrapped Bitcoin (WBTC) supply on Ethereum has dropped by around 35% since the LUNA/UST collapse last year. 101,550 BTC Has Exited Wrapped Bitcoin Supply Since All-Time High According to data from the on-chain analytics firm Glassnode, about 285,000 BTC was locked into the WBTC supply at an all-time high (ATH) last year.

Tokenized version of Bitcoin on Ethereum has been slowly melting for last few months, which brings us to unpleasant conclusion

SHIB army greatly increases burn rate as meme coin has reached several milestones by now

The restructuring team overseeing the FTX and Alameda Research bankruptcy process is trying, and failing, to navigate DeFi, on-chain data shows.

The BitGo CEO said the withdrawal requests came as Sam Bankman-Fried petitioned investors for capital before announcing FTX's bankruptcy.

BitGo CEO Mike Belshe revealed that the firm declined Alameda Research's request to redeem 3,000 Wrapped Bitcoin (WBTC) a few days before its bankruptcy in a December 14 Twitter space. The post BitGo declined Alameda's attempt to redeem 3,000 WBTC appeared first on CryptoSlate.

The CEO of Bitgo stated that the Alameda representative failed the security verification process required to convert wrapped-BTC into BTC.

BitGo CEO Mike Belshe has now confirmed that his firm stopped Alameda from unwrapping $50 million in wrapped bitcoin for Alameda The post BitGo refused to unwind $50 million in wrapped bitcoin for Alameda appeared first on The Block.

Wrapped Bitcoin is the leading form of Bitcoin “wrapped” in a smart contract on the Ethereum network. The post Analyzing the WBTC FUD after the FTX collapse and its depeg appeared first on CryptoSlate.

Investors burn a record high of 10,000 WBTC worth $170 million at the moment amid a slump in DeFi, the market data shows. The volume of WBTC has decreased over the last week.

This week saw misinformation on Twitter about potential "insolvency" of WETH. None of that was accurate.