All assets and shares of Ren Protocol will be transferred to cold wallets controlled by the bankrupt crypto company FTX.
Ren Protocol announced that FTX, Alameda and their affiliates, which acquired the platform in 2022, have authorized and instructed the platform to transfer all crypto assets to FTX debtor wallets. Ren said the move allows borrowers to protect their assets in the event of a possible shutdown of their systems and infrastructure. In a statement, Ren Protocol stressed that they will transfer the assets to a separate wallet reserved for Ren in order to separate the funds from the other wallets of the borrower.
Acquired by Alameda in 2022
Ren joined Alameda Research on February 2, 2022 to gather more resources and advance its mission to foster interoperability in the DeFi space.
According to Taiyang Zhang, CEO of the platform, this agreement with Alameda will accelerate the decentralization of its technology. Zhang also emphasized that they will have the resources of Alameda in a post he shared on his blog. However, things didn’t go as planned, as FTX and Alameda Research suffered one of the biggest bankruptcies in cryptocurrency history last year.
In addition, community members responded with various reactions to the news that Ren Protocol’s assets will be transferred. While one Twitter user commented that Ren was legally solid, another member said he didn’t believe what happened.
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