Why did WBTC hit a celestial needle?
Let's start with the conclusion: the WBTC trading pairs on Binance have almost no liquidity, and it only takes around 100 WBTC to crash through.
Zuo Ci believes that this should be due to a large holder's WBTC being stolen, and hackers are using this low liquidity trading pair for wash trading to launder money, specific details will await tomorrow's Binance announcement.
Now, let's introduce what WBTC is?
Everyone knows that DeFi happens on ETH, and BTC does not have a smart contract mechanism, so what to do?
Thus, WBTC was created, by staking BTC 1:1 to issue WBTC on ETH to maximize the capital utilization rate of BTC.
In fact, this token has sufficient liquidity on-chain.
Everyone, don't panic! 😱
