Bitcoin
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$69,021.00 -0.0103
Bitcoin price
Ethereum
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$3,932.10 3.32613
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BNB
BNB (BNB)
$604.41 0.72609
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$167.91 2.40257
Solana price
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$0.5351150 0.44849
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$0.0000259 6.12594
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Pepe
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$0.0000169 7.98241
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Bonk
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$0.0000392 11.99736
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Bitcoin
Bitcoin (BTC)
$69,021.00 -0.0103
Bitcoin price
Ethereum
Ethereum (ETH)
$3,932.10 3.32613
Ethereum price
BNB
BNB (BNB)
$604.41 0.72609
BNB price
Solana
Solana (SOL)
$167.91 2.40257
Solana price
XRP
XRP (XRP)
$0.5351150 0.44849
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000259 6.12594
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000169 7.98241
Pepe price
Bonk
Bonk (BONK)
$0.0000392 11.99736
Bonk price
Bitcoin
Bitcoin (BTC)
$69,021.00 -0.0103
Bitcoin price
Ethereum
Ethereum (ETH)
$3,932.10 3.32613
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BNB
BNB (BNB)
$604.41 0.72609
BNB price
Solana
Solana (SOL)
$167.91 2.40257
Solana price
XRP
XRP (XRP)
$0.5351150 0.44849
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000259 6.12594
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000169 7.98241
Pepe price
Bonk
Bonk (BONK)
$0.0000392 11.99736
Bonk price
Bitcoin
Bitcoin (BTC)
$69,021.00 -0.0103
Bitcoin price
Ethereum
Ethereum (ETH)
$3,932.10 3.32613
Ethereum price
BNB
BNB (BNB)
$604.41 0.72609
BNB price
Solana
Solana (SOL)
$167.91 2.40257
Solana price
XRP
XRP (XRP)
$0.5351150 0.44849
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000259 6.12594
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000169 7.98241
Pepe price
Bonk
Bonk (BONK)
$0.0000392 11.99736
Bonk price
SirWin
SirWin
SirWin

WBTC loses its peg to Bitcoin on Justin Sun-backed Poloniex

wbtc-loses-its-peg-to-bitcoin-on-justin-sun-backed-poloniex
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WBTC loses its peg to Bitcoin on Justin Sun-backed Poloniex

Justin Sun’s crypto exchange Poloniex sees WBTC trading at a 20% discount, raising concerns over its peg to Bitcoin.

The price of Wrapped Bitcoin (WBTC) on Poloniex in a trading pair with BTC has dropped by 22%, raising concerns over the exchange’s ability to offer trades in the WBTC/BTC pair.

According to Poloniex’s data, the exchange recorded no trading activity in the pair over the past few days. At the time of writing, WBTC is trading at a 22% discount to BTC, indicating a value of approximately $48,738 within the pair’s framework. WBTC’s trading activity on Poloniex abruptly ceased on Mar. 26, with no trading activity changes since then.

WBTC loses its peg to Bitcoin on Justin Sun-backed Poloniex - 1
WBTC description on Poloniex | Source: Poloniex

It’s unclear whether Poloniex is offering WBTC on the Ethereum network or TRON. While an earlier blog announcement from the exchange introduced TRON-based WBTC, Poloniex’s description section for the WBTC/BTC pair still references WBTC as a token based on ERC-20, an Ethereum blockchain token standard.

WBTC loses its peg to Bitcoin on Justin Sun-backed Poloniex - 2
WBTC-related trading pairs on Poloniex as of Apr. 30 | Source: Poloniex

Despite the depeg, WBTC continues to trade freely on Poloniex in a pair with USDT, a stablecoin issued by Tether. On HTX (formerly Huobi), another crypto exchange linked to Justin Sun, WBTC appears to be maintaining its peg to BTC, though trading in the pair also shows zero activity over the past 24 hours. At the time of writing, neither Poloniex nor Justin Sun has issued any public statements on the matter.