Ren Protocol's Pegged Assets, Including BTC, DOGE And ETH, Will Be Handed Over To FTX
Ren Protocol tweeted on Wednesday that they will be transferring all of their assets and shares to cold wallets, which will be controlled by FTX Trading.
Because Bitcoin
April 12, 2023
According to a tweet by Ren Protocol on Wednesday, all of its assets and shares will be moved to cold wallets controlled by FTX Trading, a struggling cryptocurrency company. Ren stated that FTX had instructed them to transfer the assets to debtor wallets for protection "in anticipation of potential infrastructure and system shutdowns." Ren further claimed that the assets would be kept in distinct cryptocurrency wallets that were separate from those used for other debtors.
Ren’s downfall began when it was acquired by Alameda Research, a trading company allegedly controlled by Sam Bankman-Fried & Caroline Ellison, in February 2022. Later in November, Ren Protocol disclosed that it was impacted by the FTX Group's Chapter 11 proceedings, and funding was not available beyond 2022 for its previous version.
In the past 24 hours REN experienced a drop of up to 11%, and the majority of the losses were incurred following developers' tweets regarding the move.
Despite this setback, Ren announced plans to secure additional funding to develop and release 'Ren 2.0,' which would remain completely independent of any ties to FTX.
Related: FTX’s First Debitor Report Reveals Even More Shocking Details About The Failed Crypto Exchange
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