<p>tBTC, an Ethereum-based token backed 1:1 by bitcoin, has paused deposits just one week after its public launch.<br /> <br /> tBTC project lead Matt Luongo <a href="https://twitter.com/mhluongo/status/1262261372714455042">tweeted</a> earlier today that deposits have been paused for the next ten days and the tBTC team is helping users to withdraw funds.<br /> <br /> The reason for the move is currently unknown. Luongo said a full post-mortem will be published later today.<br /> <br /> The tBTC system <a href="https://www.theblockcrypto.com/post/63176/tbtc-a-bitcoin-pegged-token-on-ethereum-has-begun-its-launch-with-makerdao-and-compound-support">opened</a> for public use on May 11, which allowed anyone to deposit limited funds in bitcoin to mint tBTC token. tBTC is an ERC-20 token that is fully collateralized by bitcoin.<br /> <br /> tBTC is created by Keep Network (an Ethereum-based system for privately storing data off-chain) and Summa (which provides tools for cross-chain communication).<br /> <br /> Luongo <a href="https://twitter.com/mhluongo/status/1262263166282739713?s=20">thanked</a> Keep Network’s head of engineering, Antonio Salazar Cardozo, for catching the issue with tBTC and Summa founder, James Prestwich, for confirming it.<br /> <br /> The Block has reached out to Luongo, Cardozo and Prestwich to learn more and will update this story should we hear back.</p>