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- Ren has moved all cryptocurrency assets into FTX debtor accounts.
- REN has decreased by over 12% in trading value.
Ren Open Protocol has declared the conversion of all cryptocurrency assets into FTX debtor accounts. Alameda Research acquired this blockchain interoperability platform at the beginning of 2022. According to the announcement tweet, the transfer was executed earlier to safeguard against “potential shutdowns.”
pic.twitter.com/KndTzULW5B
— Ren (@renprotocol) April 12, 2023
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Another piece of information disclosed in the aforementioned tweet is the relocation of assets to a designated “cold storage wallet,” specifically allocated by Alameda. This indicates the premeditated strategy of the FTX affiliate. The entire FTX group of companies has obtained shares and entities associated with the Ren Protocol.
Following the collapse of FTX, Ren initiated several steps to launch its version 2.0 and even presented a proposal for community voting. The team aimed for it to operate as an independent entity without any connections to FTX.
After the announcement regarding the asset transfer, the price of the Ren crypto token has dropped to $0.09573 from $0.1074. REN has decreased by over 12% in trading value and has lost $12 million in market capitalization. Currently, the token is trading at $0.09853.
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