Since September 9, 2026, the allBTC token on Osmosis exchange has been underbacked by about 36% due to a flaw in Nomic's Bitcoin bridge, allowing double-spending of Bitcoin deposits. This means holders of allBTC actually own less Bitcoin than the token supply suggests, as the pooled token combines five bridge versions including the faulty nBTC. Osmosis froze minting and withdrawals to contain the issue and plans a community vote to seize frozen Bitcoin to cover part of the shortfall. Investors should check their holdings and understand that pooled tokens carry shared risk from all underlying bridges, unlike holding individual bridge tokens or Bitcoin directly. The vote outcome will affect when full backing is restored and how losses are managed.
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