The altcoin Ren (REN), which attracted attention with the move of the FTX hacker, announced a new development. The project announced Ren 2.0 in response to the Alameda/FTX crash. Here are the details…
FTX hacker draws attention to Ren as he sells Ethereum
The Ethereum wallet known as the “FTX Accounts Drainer” has started draining the Ethereum it collected last week after becoming the 27th largest ETH address. On November 19, 2022, there were 250,735 ETH in the wallet. However cryptocoin.com As we reported, on November 20, it transferred about 50,000 ETH from the wallet. That equated to $58.3 million. After this sale, it dropped from the 27th largest Ethereum wallet to 37th place. Leveraging Ren’s Bitcoin gateway, the asset sells Ethereum for Bitcoin.
Onchain analysis shows that “FTX Accounts Drainer” sent 50,000 ETH through Ren’s Bitcoin gateway, a platform tokenizing Bitcoin (BTC) on the Ethereum Blockchain. The identity of the “FTX Accounts Drainer” is currently unknown. Some consider him to be a malicious attacker, others believe he is a former FTX administrator. The exchange’s other address, which has more than 100 ERC20 tokens, remained untouched for a week.
The coins here are worth about $189 million. Ren’s choosing to sell via the Bitcoin gateway indicates that the user wants to buy Bitcoin in exchange for ETH. Well, why Ren was used instead of switching to WBTC? It is reported that WBTC was not chosen because it is managed by Bitgo. The Renvm protocol also issues tokens representing non-Ethereum-based cryptocurrencies. While tokenized BTC products like WBTC are popular, RENBTC is much less liquid.
Ren 2.0 announcement has arrived
The Ren Bridge project posted on the “Ren Community” Medium blog on November 18. He announced the paths he plans to move forward with Alameda Research. He talked about Alameda buying the platform last year as part of “a partnership.” Following the results of the FTX event, Ren revealed that Ren’s development team only had enough funding to manage by the end of the year.
With this said limit going into Q4, the Ren team decided to develop an open-source and community-run version called Ren 2.0. Ren explained that this transition to the ‘sunset’ of Ren 1.0 was released to help users preserve the integrity of the protocol and enable a fully community-controlled network to be built in Ren 2.0.
Ren explained that this process will begin soon and writes will remain active for 30 days, while withdrawals will be disabled. After launch, Ren claims that with this network upgrade, it will provide a completely decentralized and community-owned cross-chain network.
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