ETH/USDT perpetual It is time to SELL ETH !!!! Ethereum Insiders Settle Wrapped Ethereum (WETH) Insolvency FUD
Rising concerns began circulating on Nov. 26 regarding Wrapped Ethereum (WETH) insolvency fears.
Crypto Twitter calls for calm after wETH insolvency joke goes viral.
Rising concerns began circulating on Nov. 26 regarding Wrapped Ethereum (WETH) becoming unpegged with ETH. Some speculated that WETH wasn’t backed 1:1 by ETH, which gave rise to insolvency fears. Ethereum developers and influencers stepped in to conclude the situation, calling it FUD.
Recent price corrections triggered by the collapse of FTX exacerbated fears and uncertainty within the already-rocky cryptocurrency industry. Speculation can inject further anxiety, as is the case here.
An alleged joke regarding the insolvency of Wrapped Ethereum was trending over the weekend. Blockchain and ERC-721A developer ‘cygaar’ took to Twitter on Nov. 27 to make claims that WETH would soon be insolvent: “A person I have known for more than ten years, who I consider trustworthy, is convinced that WETH will depeg and experience a total collapse. I don’t know anything concrete, but if I were exposed, I would be concerned.”
