Crypto Twitter calls for calm after wETH insolvency joke goes viral

Ethereum bull Anthony Sassano and Gnosis co-founder Martin Köppelmann were among those who later explained that FUD Wrapped Ethereum (wETH ) was part of an inside joke.

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A Wrapped Ethereum (wETH) 'insolvency' joke over the weekend forced influencers to explain it was just a 'shitpost' after community members took it for real.

The wETH insolvency FUD (Fear, Uncertainty and Doubt) apparently started making the rounds on November 26, with false rumors alleging that wETH is not backed 1:1 by Ether (ETH) and that he is insolvent.

Blockchain developer and contributor to the ERC-721A token standard "cygaar" was one of the first to spread the joke, before confirming in a later post that it was in fact a "shitpost" to see who was reading its content.

It's really a test to see who has read my content.

— cygaar (@0xCygaar) November 26, 2022

In fact, just the day before, cygaar had tweeted that “WETH can never go insolvent” and that “WETH will always be exchangeable 1:1 with ETH”.

Ethereum bull and Daily Gwei host Anthony Sassano also participated in the wETH joke with his own parody post on November 27, but later had to clarify that the original post was “shitpost/meme” after reading the replies .

Reading the answers, I feel like I should clarify

This is a shitpost/meme - there is nothing wrong with WETH and you can always exchange 1 ETH for 1 WETH

Although if you don't believe me, I'll buy all your WETH right now for 0.3 ETH

Sell me anything you want

Then fuck you

— sassal.eth (@sassal0x) November 27, 2022

Gnosis co-founder Martin Köppelmann also joined in on the joke, saying in a November 27 tweet to his 38,800 Twitter followers that wETH is no longer fully backed by ETH and that "we might see a bank run on redeeming WETH soon.”

Hours later, he said...