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  • Analysis Forex
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    Most Viewed Business News Articles, Top News Articles

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    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

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    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

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    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

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  • Economy
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    Insurers’ climate alliance loses nearly half its members after more quit By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

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    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

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  • Forex
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    OPEC oil output drops in November after cut pledged -survey By Reuters

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    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

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    • Analysis Cryptocurrency
    • Economic Indicators
      Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

      US consumer confidence dips in May

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      Eurozone inflation slows by more than expected in March By Investing.com

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      Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

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  • Market Overview
    Stock market today: Live updates

    Stock market today: Live updates

    Britain to join CPTPP in biggest trade deal since Brexit

    Britain to join CPTPP in biggest trade deal since Brexit

    Most Adani shares continue losses; founder loses $28 billion in month

    Most Adani shares continue losses; founder loses $28 billion in month

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    Russia-Ukraine war updates for Nov.30, 2022

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    Young disgruntled workers are flocking to Reddit. Here’s why

    FTX CEO Sam Bankman-Fried denies crypto exchange fraud

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    U.S. appeals court rejects Biden’s bid to reinstate student debt plan

    Trenches, endless mud and death: the Battle of Bakhmut

    Trenches, endless mud and death: the Battle of Bakhmut

  • Stock Markets
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    Purdue Pharma can protect Sackler owners in opioid bankruptcy, court rules By Reuters

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    Global money market funds see strong demand for fifth week in a row By Reuters

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    Marriott International: Cozy Fundamentals With A Costly Stock (NASDAQ:MAR)

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    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    stock recommendations: Hot Stocks: Gland Pharma, Mirza International and Agro Tech Foods could give 19-30% return

    tata play ipo: Tata Play becomes first firm to file confidential papers with Sebi for IPO

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    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Fundamental Radar: 6 reasons why TCI Express could rally 20% in next 12 months

    Inequality in Society Drives Stock-Market Performance

    Inequality in Society Drives Stock-Market Performance

    Being a Cheap Date Is Suddenly a Major Plus

    Being a Cheap Date Is Suddenly a Major Plus

  • Economy
    Insurers’ climate alliance loses nearly half its members after more quit By Reuters

    Insurers’ climate alliance loses nearly half its members after more quit By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

    Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

    Goldilocks and the three bears By Reuters

    Goldilocks and the three bears By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    U.S. Inflation Reduction Act ‘super aggressive,’ Macron tells lawmakers By Reuters

    Indonesia November inflation cools further but stays above target By Reuters

    U.S. appeals court rejects Biden’s bid to revive student debt plan By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    IMF strategy chief heads to China, to focus on speeding up debt treatments By Reuters

    Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening: Reuters poll By Reuters

    European shares jump on Powell’s speech, China relief By Reuters

    Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

    Philippines central bank ready to adjust policy settings amid resilient economy By Reuters

    China factory, services activities slide to 7-month lows on COVID curbs By Reuters

    Zambia on track for debt restructuring next quarter -finance minister By Reuters

  • Cryptocurrency
    Bulls Rally LDO Price to a 7-Day High, Will Bullish Momentum Persist? By CoinEdition

    Bulls Rally LDO Price to a 7-Day High, Will Bullish Momentum Persist? By CoinEdition

    Here’s how the crypto industry is using artificial intelligence By Cointelegraph

    Here’s how the crypto industry is using artificial intelligence By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Secret Network validator shuts down nodes after leadership turmoil By Cointelegraph

    Digital identity platform integrates with zkSync for on-chain KYC By Cointelegraph

    Over 3,000 New UNI Addresses Following NFT Aggregator Launch By CoinEdition

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Legal professionals astonished as SBF admits failures, apologizes 12 times in interview

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg

    Sam Bankman-Fried confronted over the fall of FTX in live interview By Cointelegraph

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    EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’ By Cointelegraph

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    Porsche 911 NFTs, BMW files Web3 trademarks, Baby Shark’s NFT game and more… By Cointelegraph

  • Forex
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    Yen firms on policymaker meeting, dollar swings after debt deal By Reuters

    Dollar edges higher, but set for weak quarter ahead of key inflation data By Investing.com

    Dollar edges higher, but set for weak quarter ahead of key inflation data By Investing.com

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    Chinese yuan leads Asia FX higher in anticipation of Fed meeting By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    Dollar slumps on Powell’s comments; Yen benefits the most By Investing.com

    S&P 500 Breaks Tight Range and Overtakes 200-Day Moving Average, Inflation and NFPs Ahead

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    Japanese Yen Leaps as US Dollar Sinks Post Powell. Is the Peak in Place for USD/JPY?

    Aussie Feeds Off Risk-On Sentiment Fueled by China and Fed

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    Dollar slips lower; Powell speech, GDP data due By Investing.com

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  • Commodities
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    Oil dips, set for monthly drop, ahead of key U.S. inflation data By Reuters

    Oil dips, set for monthly drop, ahead of key U.S. inflation data By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

    Oil falls ahead of OPEC+, U.S. Federal Reserve meetings By Reuters

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    Coterra Energy to pay $16.29 million for Pennsylvania water contamination plea By Reuters

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    EU defends gas price cap proposal after country criticism By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    OPEC oil output drops in November after cut pledged -survey By Reuters

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

    Oil up nearly 3% on jumbo U.S. crude draw as reserves use plummets   By Investing.com

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    Gold hits over 3-month high as Powell flags slower rate hikes By Investing.com

  • Bonds
  • More
    • Analysis Cryptocurrency
    • Economic Indicators
      Kamala Harris announces Tanzania trade boost during Africa tour By Reuters

      US consumer confidence dips in May

      Eurozone inflation slows by more than expected in March By Investing.com

      Eurozone inflation slows by more than expected in March By Investing.com

      Spain’s 12-month inflation rate inched up to 5.8% in January By Reuters

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      FirstFT: EU and US turn up the heat on Elon Musk

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      Emerging market stocks and bonds stage powerful rebound rally

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      Thai central bank raises key interest rate by 25 bps to 1.25% By Reuters

      India’s jobless rate rises to three-month high of 8% in Nov

    • Analysis Stock Markets
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Home Analysis Cryptocurrency

Here’s Why Wrapped Ethereum Isn’t in Trouble

November 30, 2022
in Analysis Cryptocurrency
Here’s Why Wrapped Ethereum Isn’t in Trouble
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A recent FUD campaign engineered by crypto community members raised doubts about the safety of wETH tokens—but it’s all an elaborate joke.

Key Takeaways

  • Crypto Twitter has been sharing jokes about wETH being exploited or losing its peg.
  • At least one media publication—Bloomberg—took the jokes at face value.
  • Wrapped does not have a sole custodian and does not pose a systemic threat to the Ethereum ecosystem.

Over the weekend, fears circulated in the crypto community stemming from claims that Wrapped Ethereum tokens could be at risk of losing their 1:1 value against ETH. However, the claims are no more than elaborate jokes about recent contagion fears.

Wrapped Ethereum Jokes

Crypto Twitter has been making jokes about the state of Wrapped Ethereum for the last 24 hours, but not everyone is in on it.

Many prominent crypto community figures, including Hsaka, banteg, and CL, recently shared increasingly bold claims about the Ethereum network’s Wrapped Ethereum token (wETH) somehow de-pegging or being exploited.

“wETH hack went unnoticed since 2019,” stated pseudonymous Yearn Finance lead developer banteg, “after investigating more than 90 million deposit and withdrawal events, I’ve found a supply discrepancy between the total supply wETH contract reports and the actual outstanding wETH.” He then posted: “It appears the contract holds 1 wei more than it owes. How is it possible?”

wETH is a token that aims to stay at 1:1 parity with ETH; it is used in many smart contracts and on non-Ethereum blockchains. As the token is widely used across various crypto ecosystems, it would be easy to believe that a failure would have catastrophic consequences for the crypto space.

At least one newspaper organization took the claims at face value. Bloomberg ran an article early this morning stating that crypto analysts were having “concerns” about Wrapped Ethereum. The article was quickly amended when crypto community members started sharing it around Twitter mockingly.

Understanding wETH

Wrapped Ethereum is not issued by a centralized party, like Circle or , but by various smart contracts. Ethereum users can “wrap” their ETH manually by placing it into the smart contract, receiving the same amount of wETH in return. They can then swap back their wETH for ETH any time they want. Many different protocols and platforms are offering to wrap ETH into wETH, including OpenSea.

The advantage of wETH is that it’s an ERC-20 token, just like other coins in the Ethereum ecosystem—for example, UNI, MKR, or LDO. Therefore, it has the same characteristics as these tokens and allows smart contracts to process ETH the same way they’d process any other ERC-20 token without needing any technical modifications.

Because wETH does not have a single custodian (again, unlike USDC or USDT), the token itself does not pose any systemic risk to the crypto space. However, it’s theoretically possible for some wETH tokens to lose value if their specific custodian loses the ETH backing the wrapped token.

The crypto space has been rife with rumors of systemic risks since leading crypto exchange FTX collapsed spectacularly in a matter of days at the beginning of November. The event caused a chain reaction of insolvencies in various entities connected to FTX in some manner or other, including BlockFi, Voyager, Genesis, and Digital Currency Group. But the concerns about wETH losing its peg or being exploited can be put down as yet another expression of the crypto community’s typical gallows humor.

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