Ren Protocol (REN), a popular altcoin project, announced that the affiliates that bought FTX and Alameda have made a request from them. Following this announcement, the REN price depreciated. Here are the details…
Ren Protocol is asked to move assets to FTX receivables wallet
Cross-chain bridge platform Ren Protocol announced that FTX, Alameda Research and other affiliates that bought the platform in 2022 have authorized the platform to move all crypto assets to FTX creditors’ wallets. According to Ren, this allows creditors to protect their assets in the event of any shutdown of their systems and infrastructure. The bridge service also stressed that they will transfer assets to a segregated wallet specific to Ren’s assets to separate funds from other borrower wallets.
Ren joined Alameda Research on February 2, 2022, to raise more resources and advance its mission to push interoperability in decentralized finance (DeFi). According to Taiyang Zhang, CEO of the company, Alameda’s acquisition of REN would accelerate the decentralization of its technologies. Zhang also emphasized in a blog post that Alameda’s resources will support them. However, cryptocoin.com As we reported, things did not go as planned as FTX and its sister company Alameda Research suffered one of the biggest crashes in crypto history in 2022.
There are also those who think that this is a conspiracy-like event.
At the height of the problems surrounding Alameda in December 2022, Ren Protocol advised its users to unlock their tokens on the Ren 1.0 network and bring them back to the main chains. According to the firm, the network was shut down due to events surrounding Alameda Research. Meanwhile, community members responded with mixed feelings to the news that Ren’s assets will be transferred. While one Twitter user commented that Ren was legally “solidified”, some continued to disbelieve what had happened. One even thinks that this is a move made by insiders to short the Ren (REN) token.
Latest situation in altcoin price: There is depreciation
The platform’s native token, REN, has not responded well to these developments. The coin has lost 9% of its value and is changing hands at $0.098 at the time of writing. The coin moved around $0.095 to $0.1077 on a daily basis. Ren (REN) is an open protocol built to provide interoperability and liquidity between different Blockchain platforms. Ren, formerly known as Republic Protocol, launched RenVM in May 2020 after completing a $34 million initial coin offering (ICO) in 2018.
The protocol’s native token, REN, serves as a nexus for those running the nodes powering RenVM, known as Darknodes. Ren is a cryptocurrency project that aims to expand the interoperability and thus accessibility of decentralized finance (DeFi) by removing liquidity-related barriers between blockchains.
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