DailyCoin
Published Nov 28, 2022 06:15AM ET
Updated Nov 28, 2022 07:30AM ET
Justin Sun and Vitalik Buterin Join wETH Insolvency Joke, Market Crashes
The crypto market is in the red zone today after crypto entrepreneurs Justin Sun and Vitalik Buterin joined the insider joke of wrapped Ethereum’s (wETH) insolvency that went viral over the weekend.
h2 The wETH Insolvency Joke/h2On Sunday, November 27th, blockchain and ERC-721A developer ‘cygaar’ took to Twitter to make claims that wETH would soon be insolvent. He tweeted:
.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width:550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,"Segoe UI",Roboto,Helvetica,Arial,sans-serif}.tweet-container div:first-child{ position:absolute!Important }.tweet-container div:last-child{ position:relative!Important }
ATTENTION: WETH is about to be insolvent.I will begrudgingly bail out anyone holding WETH at a rate of 0.5 ETH per WETH in order to save this space. You can thank me once the crisis has been adverted.— cygaar (@0xCygaar) November 26, 2022
The joke caught more attention after Ethereum bull Anthony Sassano reacted to cygaar, stating “A person I have known for more than ten years ... I don’t know anything concrete, but if I were exposed, I would be concerned.”
h2 Sun and Buterin Join In on the Joke/h2Since a great portion of the crypto community was unaware of the joke, it quickly turned into FUD. Justin Sun and Vitalik Buterin, founders of Ethereum and Tron, have also joined the insolvency joke.
Joining in and citing a tweet about wETH’s “insolvency”, Sun said he had “discussed with my BFF Vitalik Buterin and together we will invest $2b into WEF to recover all the funds.”
As a humble member of the crypto industry, I personnally have discussed with my BFF @VitalikButerin and together we will invest $2b into WEF to recover all the funds. Stay #SAFU! Stay strong! https://t.co/UmjtljyRNz— H.E. Justin Sun (@justinsuntron) November 28, 2022
Buterin, replying to Sun, said wETH and WEF sound very similar. Crypto users on Twitter, who have failed to understand that the $2 billion for WEF (World Economic Forum) is part of the joke, have asked if “we’re buying WEF Coin?”
Personally I'm more surprised that no one has yet noticed how WETH and WEF sound so similar. Use WETH, eat the bugs!h2 The Crypto Market Loses Ground/h2— vitalik.eth (@VitalikButerin) November 28, 2022
After remaining relatively stable over the weekend, the crypto market has lost ground as the FUD spreads. Bitcoin and Ethereum dropped by over 3% and 4%, with Huobi Token being the biggest loser with -12% in the last 24 hours.
The FUD surrounding wETH shows how easily the crypto market reacts to news and the effect crypto influencers have on the market.
Find out more about wETH below:
Coin Healthcheck: Wrapped ETH (WETH)
Find out what Buterin said about the crash in:
Ethereum (ETH) Co-Founder Vitalik Buterin Says There Are Lessons To Learn From The FTX Collapse
See original on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.