Cross-chain bridge platform Ren Protocol (REN) announced that FTX, Alameda Research and other affiliates that bought the platform in 2022 have authorized and directed the platform to move all crypto assets to FTX creditors' wallets.
Ren Protocol (REN) Transfers All Assets to FTX's Creditors Wallet in Case of Closing
Ren Protocol was acquired by Alameda Research in February 2022 to accelerate the decentralization of its technology.
According to Ren, this move allows borrowers to protect their assets in the event of a possible 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 payee 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, the acquisition of Alameda would accelerate the decentralization of its technologies. Zhang also underlined in a blog post that Alameda's resources will support them.
However, things didn't go as planned as FTX and its sister company Alameda Research suffered one of the biggest crashes in crypto history in 2022.
At the height of the issues surrounding Alameda in December, Ren Protocol advised its users to unlock their tokens located 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 welcomed the news that Ren's assets will be transferred.
At the time of this writing, the REN price was trading at $0.09832.
*Not investment advice.