FTX Funds Moved to Special Cold Wallet by Ren Protocol

Ren transfers all cryptocurrency assets into FTX debtor accounts.
REN has dipped over 12% in trading price.

Ren Open Protocol has announced the transformation of all cryptocurrency assets into FTX debtor accounts. Alameda Research acquired this blockchain interoperability platform at the start of 2022. As in the declaration tweet, the transfer was instructed prior in order to protect from “possible shutdowns”.

pic.twitter.com/KndTzULW5B

— Ren (@renprotocol) April 12, 2023

Another data revealed in the above tweet is the sending of assets to a unique “cold storage wallet”, which is specifically allotted by Alameda. This shows the pre-plan of the FTX sister company. The entire FTX group of firms has acquired shares and entities under the Ren Protocol.

After the fall of FTX, Ren took a few initiatives to begin its version 2.0 and even submitted the proposal for community voting. The team planned for it to be an individual institute without any FTX ties.

Post the asset transfer information, the value of the Ren crypto token has fallen to $0.09573 from $0.1074. REN has dipped over 12% in trading price and lost $12 million in market cap. Currently, the token is trading at $0.09853.

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