Considering this new "Distributed vs Represented" classification on http://rwa.xyz, let's have a closer look at the implementation of BlackRock $BUIDL (Distributed) vs Fidelity $FDIT (Represented)

Twitter

Bithumb, one of South Korea's largest cryptocurrency exchanges, has just shaken the market with a serious internal incident related to the distribution of rewards...

A Bithumb exchange employee accidentally 'gifted' 2,000 Bitcoin to a user, causing the price of BTC on the exchange to suddenly drop by 10%.

Author: Nancy, PANews
Original title: No Black Swan Events, Four Atypical Guesses About the Culprit Behind Bitcoin Overselling
---------------------------------------------------------------
A black swan-style crash has arrived, but we haven't seen where the black swan is, which is even more unsettling.
Almost without warning, Bitcoin suddenly plummeted, entering its third-largest oversold zone in history, causing both long positions to collapse and psychological barriers to fall. This has left the market perplexed...

The absence of black swan events suggests there may be other reasons for Bitcoin's current oversold condition.

Bitcoin ($BTC) has recently gone through a sudden shift on Bithumb, a well-known South Korean crypto exchange. In this respect, the $BTC/KRW trading abruptly plummeted over 10% below the worldwide ave...

Bitcoin Price Plummets on Bithumb after Staff Error Transfers 2,000 $BTC

So, what is so fundamentally different between these tokens that they earned a different classification ? One hint could be that $BUIDL is domiciled in BVI and issued under SEC-RegD Exemption, while $FDIT is a tokenised US-based Mutual Fund

This may allow for greater $BUIDL distribution as indeed it ends up in various treasuries of different other protocols (Ethena, Ondo, etc...). The problem is - how can you tell if their on-chain implementation is pretty much the same and off-chain data is opaque ?