Following Protos reporting about Wrapped Bitcoin on Tron (WBTC) depegging on Poloniex, the Justin Solar-owned agency behind the product seems to have eliminated this asset from buying and selling.
The beforehand accessible WBTC/BTC pair seems to be to have been eliminated completely, and the WBTC/USDT pair presently states, “Currently trading for WBTC/USDT is disabled. The price may not reflect current market.”
It’s not clear if it’s presently potential to redeem WBTC for BTC via Poloniex.
Moreover, Poloniex has but to finish the promised proof-of-reserves course of and nonetheless hasn’t disclosed the place it shops the bitcoin supposedly reserving this product.
Learn extra: Poloniex WBTC depegs threatening Justin Solar’s empire
WBTC, managed by Justin Solar-owned Poloniex, presently makes up over half the bitcoin on Solar-connected change HTX. Moreover, there’s roughly $5.36 billion value of the product on Solar-launched JustLend.
This opaque monetary instrument connects numerous Solar-affiliated entities and tasks in a manner that raises considerations in regards to the administration of each the instrument and the entities.
Protos has reached out to Poloniex to find out the place the reserves for this product are held, whether it is nonetheless potential to redeem, and why this asset was delisted for buying and selling. At press, Poloniex had not responded.
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