Solana’s Wrapped Bitcoin ( $76,566.00 ) Price Craters After FTX Shuts Exit Ramp

Sollet Bitcoin ( $76,566.00 ) (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 ( $76,566.00 ) peg on the news that FTX had filed for bankruptcy protection.