Wrapped Bitcoin Scratches $1B, While tBTC Sees 931 ETH Liquidated

Wrapped Bitcoin Scratches $1B, While tBTC Sees 931 ETH Liquidated

By Abhimanyu Krishnan | News | 8 Oct 2020


The total of Wrapped Bitcoin (wBTC) on Ethereum has crossed $1 billion, according to data from DeFi Pulse as of October 8. At the same time, another form of tokenized bitcoin, tBTC, has had 931 ETH liquidated due to a signer timeout issue.

  • Wrapped Bitcoin value has crossed $1 billion, accounting for 73.3% of the market; wBTC is followed by renBTC (19.6%) and hbtc (3.74%)
  • There is currently 128,814 BTC on Ethereum, the highest it’s ever been, at a total value of $1.36 billion 
  • Meanwhile, tBTC, another popular form of tokenized Bitcoin, has suffered a liquidation of 931 ETH in 12 days; the liquidated amount is roughly $320,000 
  • The liquidation occurred due to a signer timeout bug; this happens when even one signing node goes offline; tBTC liquidates every signer even if one is offline or malicious
  • tBTC, designed by Keep Network, is being criticized for its lack of true decentralization by the community

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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