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<h2 id="header-0"><a href="https://www.coingabbar.com/en/crypto-currency/weth-weth-prices-usd" rel="noopener noreferrer nofollow">wETH </a>is Wrapped Ethereum tokens and pegged 1:1 with ETH but what if you come to know all of the wETH that you own is not backed up by ETH?</h2>Well, this is what happened with wETH holders a few days back when the word spread around Twitter that the wETH tokens are not pegged 1:1 with Ethereum. However, it was nothing more than a joke in which many credible crypto personalities participated.Cygaar, a well-known crypto influencer tweeted that wETH is about to be insolvent and he would be willing to buy any wETH at the price of 0.5 ETH. However, when things got serious and this tweet spread like a rumor in the market, he clarified that it was a shitpost/meme.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/eb0f7d6066e145f881bacbba1d49b8b9.png" />Cygaar was not the only creator who shared this joke on Twitter. Another major crypto influencer named Anthony Sassano also participated in the joke followed by Martin Köppelmann, Co-Founder of Gnosis.Anthony jokingly claimed that he knows a person for the last ten years and he has told him is wETH is going to be insolvent soon. The tweet was shared with such conviction and seriousness that none could spot it as a joke.<img src="https://lh3.googleusercontent.com/b5ZruAEiS16mKs_8eD02HfPQJvqMJNYRHIAYKPV38F_-UFiqQO9reTmNF5njblrmVnniFQI47i57GLS_ucx-xAaSWgO6Pc9sXBnSR2mlsG_lwCSSpO5wYHpt9DjjA8rjCj0EffEAcysdUU19-3D5ldRY7uwt2MUPz2q8WOZh0LUvyhzx5FFgzxYnjiH5eA" />However, he later clarified this as a joke and stated this as his ‘lamest tweet of the year’. said,<img src="https://academy-public.coinmarketcap.com/optimized-uploads/871d291c6be942d1b1172c3729ed082e.png" />Martin Köppelmann also clarified that he was doing it just for the fun and that his tweet might have created “a lot of confusion”. This series of tweets were part of an inside joke and attracted the attention of millions of ETH users. However, those who are in the space long enough to understand its basics caught the joke immediately.It is practically impossible for wETH to go insolvent as it is backed by <a href="https://www.coingabbar.com/en/crypto-research-papers/ethereum" rel="noopener noreferrer nofollow">ETH </a>using a smart contract and no centralized authority is involved in maintaining the backup ETH. The wETH smart contract is open-source and can be scrutinized for any vulnerabilities, making it highly secure and impossible to depeg against the ETH.wETH is a wrapped ETH token that is used to make ETH interoperable with other chains. It enables the token to operate in the non-native blockchain network. The recent FTX fiasco has incited high fear, uncertainty, and doubt among investors and thus this joke spread like wildfire within the industry.CoinGabbar wants to inform all our readers that wETH is completely safe and pegged to ETH in a 1:1 ratio. Investors should research before taking any decision and taking the call to panic sell their holdings.Also, Read - <a href="https://www.coingabbar.com/en/crypto-currency-news/metaverse-takes-a-ride-to-automotive-sector" rel="noopener noreferrer nofollow">Metaverse Takes a Ride to Automotive Sector</a>

Is wETH Getting Insolvent? | Rectifying Misconceptions

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