According to Foresight News, The Block reported that crypto custody company BitGo had refused to redeem 3,000 WBTC for Alameda Research. The incident occurred a few days before FTX filed for bankruptcy. An unknown representative from Alameda Research contacted BitGo and asked to unwrap 3,000 WBTC to get back Bitcoin. "The redemption request was unusual because it came from an Alameda representative that BitGo had not dealt with before. BitGo knows all the operators of every company that owns WBTC." Alameda's representative did not pass its security verification process and was not familiar with the WBTC destruction procedure. BitGo rejected the request according to the process.