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FTX Will Receive All of Ren Protocol's Pegged Assets, Including Bitcoin and Dogecoin
FTX’s sister company Alameda Research had previously acquired Ren to provide long-term funding before shutting down.
All of Ren Protocol’s assets and shares will be transferred to cold wallets controlled by beleaguered crypto company FTX Trading, Ren tweeted on Wednesday.
Ren said FTX had previously directed the protocol to transfer all assets to debtor wallets for safeguarding “in advance of possible shutdowns of infrastructure and systems.”
STORY CONTINUES BELOW
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These assets will be held on separate, segregated cryptocurrency wallets different than those used for other debtors, Ren claimed.
— Ren (@renprotocol) April 12, 2023
Ren allowed users to transfer tokens, such as bitcoin (BTC), ether (ETH) and dogecoin (DOGE), among different blockchains and became one of the most popular decentralized finance (DeFi) protocols in the 2021 bull run.
The protocol was acquired by Alameda Research, the trading company controlled by alleged fraudster Sam Bankman-Fried, in February 2022 – which marked the beginning of the end for Ren.
In November, Ren Protocol said it was impacted by the FTX Group’s Chapter 11 proceedings and had no funding to last beyond 2022 for the previous version of its service. At the time, Ren said it would try to “secure additional funding” to ensure the development and release of "Ren 2.0," which would remain completely independent of any ties to FTX.
No further development on Ren 2.0 has been publicly communicated by developers since January 2023, when Ren floated a community governance vote to fund a new Ren Foundation that would overlook the platform’s future.
REN fell as much as 11% in the past 24 hours, with the bulk of losses coming after developers tweeted the move.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
