Ren Protocol transfers all assets to FTX debtors’ wallet in case of shutdown
Ren Protocol was acquired by Alameda Research in February 2022 to expedite the decentralization of its tech.
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.
— Ren (@renprotocol) April 12, 2023
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.
Related: FTX financial controls were a ‘hodgepodge’ of apps, says court filings
At the height of the troubles surrounding Alameda back in December, Ren Protocol advised its users to unwrap their tokens which were 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 that surrounded Alameda Research.
Meanwhile, members of the community responded with various sentiments to the news that Ren’s assets will be transferred. A Twitter user commented that Ren is “getting rugged” legally while another remained in disbelief of what was happening. Meanwhile, a community member thinks that this is a move from insiders to short the REN token.
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Author: Ezra Reguerra
