Rising concerns began circulating on Nov. 26 regarding Wrapped Ethereum (WETH) becoming unpegged with ETH. Some speculated that WETH wasn’t backed 1:1 by ETH, which gave rise to insolvency fears. Ethereum developers and influencers stepped in to conclude the situation, calling it FUD.
Recent price corrections triggered by the collapse of FTX exacerbated fears and uncertainty within the already-rocky cryptocurrency industry. Speculation can inject further anxiety, as is the case here.
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