The issue with SolvBTC

A flurry of posts, news, hacks, snapshots, and Airdrops creates an explosive cocktail regarding the Bitcoin of SolvBtc.

A few days ago, a couple of posts questioned whether the amount of BTC staked in the protocol is correct and doubted that they are backed 1 to 1.

Here, several doubts arise because the real BTC that are delegated in Babylon are mixed with synthetic and derivative BTC like those of Ena and Solana, among others.

The most impactful post is from Hans https://t.co/PANBa0jFz8

Which raises a strong point: 1 SolvBTC ≠ 1 BTC.

This means that SolvBTC is not backed by BTC.