Wrapped Token

In a sentence

The trader received a wrapped token representing bitcoin on another blockchain.

• The trader received a wrapped token representing bitcoin on another blockchain.
• A wrapped token lets an asset interact with applications outside its native network.
• Users redeemed the wrapped token through a bridge for the underlying asset.
• The wrapped token's value depends on reliable custody or an enforceable mint-and-burn mechanism.
• A bridge exploit caused the market to question whether every wrapped token remained fully backed.