Ren Protocol will transfer all assets to FTX creditors’ wallets
The protocol is owned by Alameda Research, a hedge fund affiliated with the exchange
![Ren Protocol will transfer all assets to FTX creditors’ wallets](https://storage.getblock.net/source/1/W1bP0WKJV6oLEEvqk1xSY_E8o_vVL3Bd.webp)
12.04.2023 - 12:05
150
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?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024