Ren Protocol will transfer all assets to FTX creditors’ wallets
The protocol is owned by Alameda Research, a hedge fund affiliated with the exchange
12.04.2023 - 12:05
191
2 min
0
Cross-chain bridge platform Ren Protocol has announced that FTX, Alameda Research and other affiliates that acquired the platform in 2022 have authorized and directed the platform to move all its crypto assets to FTX debtors’ wallets.
According to Ren, the move lets debtors safeguard their assets in case of a potential shutdown of their systems and infrastructure. The bridge service also highlighted that they would transfer the assets to a segregated wallet specific to Ren’s assets to separate the funds from other debtor wallets.
In a move to gather more resources and further its mission to push interoperability within the decentralized finance (DeFi) space, Ren joined Alameda Research on Feb. 2, 2022. According to its CEO, Taiyang Zhang, the Alameda acquisition will expedite the decentralization of its technologies. Zhang also highlighted in a blog post that it would have Alameda’s resources to back them.
However, things did not go as planned as FTX and its sister company Alameda Research experienced one of the biggest collapses in crypto history in 2022.
At the height of the troubles surrounding Alameda in December 2022, Ren Protocol advised its users to unwrap their tokens in the Ren 1.0 network and bring them back to the main chains. According to the firm, the network has shut down due to the events surrounding Alameda Research.
Meanwhile, community members responded with varying sentiments to the news that Ren’s assets would be transferred. A Twitter user commented that Ren is “getting rugged” legally, while another remained in disbelief at what was happening. One person even thinks this is a move from insiders to short the Ren (REN) token.
This material is taken from the website https://cointelegraph.com.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 367
BTC
+1.82%
-
Ethereum
$3 321.01
ETH
-0.48%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.46
XRP
+30.67%
-
Dogecoin
$0.41286
DOGE
+7.26%
-
Cardano
$0.970894
ADA
+22.25%
-
Bitcoin Cash
$489.48
BCH
+1.51%
-
Polkadot
$6.3
DOT
+8.44%
-
Stellar XLM
$0.302732
XLM
+27.33%
-
Litecoin
$90.58
LTC
+2.05%