[ad_1] <br><div><div><p>All of Ren Protocol’s property and shares might be transferred to chilly wallets managed by beleaguered crypto firm FTX Buying and selling, Ren tweeted on Wednesday.</p></div></div><div><div><p>Ren mentioned FTX had beforehand directed the protocol to switch all property to debtor wallets for safeguarding “upfront of potential shutdowns of infrastructure and techniques.”</p></div></div><div><div><p>These property might be held on separate, segregated cryptocurrency wallets completely different than these used for different debtors, Ren claimed.</p></div></div><div><div><p>Ren allowed customers to switch tokens, resembling bitcoin (BTC), ether (ETH) and dogecoin (DOGE), amongst completely different blockchains and have become probably the most fashionable decentralized finance (DeFi) protocols within the 2021 bull run.</p></div></div><div><div><p>The protocol was acquired by Alameda Analysis, the buying and selling firm managed by alleged fraudster Sam Bankman-Fried, in February 2022 – which marked the start of the top for Ren.</p></div></div><div><div><p>In November, Ren Protocol mentioned it was impacted by the FTX Group’s Chapter 11 proceedings and had no funding to final past 2022 for the earlier model of its service. On the time, Ren mentioned it might attempt to “safe extra funding” to make sure the event and launch of "Ren 2.0," which might stay utterly unbiased of any ties to FTX.</p></div></div><div><div><p>No additional growth on Ren 2.0 has been publicly communicated by builders since January 2023, when Ren <a target="_blank" href="https://twitter.com/cowboy_oh_gee/status/1615832250817314816" rel="noopener">floated a community governance vote</a> to fund a brand new Ren Basis that will overlook the platform’s future.</p></div></div><div><div><p>REN fell as a lot as 11% up to now 24 hours, with the majority of losses coming after builders tweeted the transfer.</p></div></div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <br>[ad_2] <br><a href="https://www.coindesk.com/business/2023/04/12/ftx-will-receive-all-of-ren-protocols-pegged-assets-including-bitcoin-and-dogecoin/?outputType=amp">Source link </a>