Ren Protocol, a cross-chain bridge platform, has transferred all its cryptocurrency assets to FTX debtors’ wallets, as authorized and directed by FTX, Alameda Research, and other affiliates who acquired the platform in February 2022. The move is aimed at safeguarding the assets of debtors in case of a potential shutdown of their systems and infrastructure. Ren highlighted that the assets would be transferred to a segregated wallet specific to Ren’s assets to separate the funds from other debtor wallets. Ren joined Alameda Research in February 2022 to gather more resources and further its mission of interoperability within the decentralized finance space.
However, FTX and Alameda Research experienced one of the biggest collapses in crypto history in 2022, leading to the Ren network’s shutdown. As a result, Ren advised its users to unwrap their tokens in the Ren 1.0 network and bring them back to the main chains. Community members had mixed reactions to the news of Ren’s asset transfer, with some expressing legal concerns, while others were in disbelief, and some thinking it was a move from insiders to short the Ren token.