⚠️ Wrapped bitcoin derivatives might not be as "fully backed" as claimed!

🔸 LX Research (@bitcoinlayers, @januszg_) warns of rehypothecation and centralization risks in the $30B wrapped BTC market.

🔸 Some wrapped BTC derivative tokens rely on other wrapped tokens, creating a fragile system.

🔸 Bank run risks loom if custodians can’t meet simultaneous withdrawals.

Transparency is crucial for trust in bitcoin DeFi! 💰