The cryptocurrency exchange Poloniex, associated with entrepreneur Justin Sun, is grappling with a concerning development: Wrapped Bitcoin (WBTC) trading at a substantial discount of 22% in comparison to Bitcoin (BTC), prompting apprehensions regarding the stability of its peg.

Poloniex's data reveals a notable lack of trading activity in the WBTC/BTC pair in recent days. At present, WBTC is valued at approximately $48,738 within this pair, representing a significant deviation from its peg to BTC. Trading activity for WBTC on Poloniex halted abruptly on Mar. 26, with no apparent changes since then.

An intriguing aspect of this situation is the ambiguity surrounding the underlying blockchain network supporting WBTC on Poloniex. While a prior announcement from the exchange introduced TRON-based WBTC, the description section for the WBTC/BTC pair on Poloniex still identifies WBTC as an ERC-20 token, based on the Ethereum blockchain standard.

Despite the apparent deviation from its peg, WBTC continues to be actively traded on Poloniex in a pairing with USDT, Tether's stablecoin. On HTX, another exchange affiliated with Justin Sun, WBTC appears to maintain its peg to BTC, albeit with no trading activity observed in the pair over the past 24 hours.

As of the current moment, neither Poloniex nor Justin Sun has issued any public statements addressing the situation. The community awaits further clarification regarding the stability of WBTC's peg on the exchange and the underlying reasons for the observed deviation.