Crypto influencers started a joke about wrapped Ethereum (WETH) losing its peg and becoming insolvent over the weekend, causing a brief panic within the community.
The joke started on Nov. 26 when blockchain developer Cygaar tweeted that WETH was about to become insolvent and that they would bail out anyone at a rate of 0.5 ETH for one WETH.
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
Other popular Ethereum advocates also joined in on the joke. Anthony Sassano, popularly known as sassal.eth, tweeted that someone he trusts told him that WETH would collapse. He, therefore, advised anyone exposed to be concerned.
Gnosis founder Martin Köppelmann said the constant burning of ETH means that WETH is no longer fully backed, and there might be a bank run soon.
As ETH gets constantly burned wrapped ETH (WETH) is no longer fully backed by it. We might see a bank run on redeeming WETH soon.
— Martin Köppelmann 🇺🇦 (@koeppelmann) November 27, 2022
Ethereum co-founder Vitalik Buterin joined in the joke, saying WETH and WEF sounded alike.
Personally I’m more surprised that no one has yet noticed how WETH and WEF sound so similar. Use WETH, eat the bugs!
— vitalik.eth (@VitalikButerin) November 28, 2022
At the same time, Tron founder Justin Sun joked that he and Buterin would invest $2 billion into WEF to recover lost 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
Meanwhile, they soon clarified that they were joking, adding that WETH was as strong as ever and could not be affected by a bank run.
WETH is under no threat
A Nov. 27
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