Ren Protocol Will Transfer All Remaining Assets to FTX and Alameda Research

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Ren Protocol will transfer all remaining assets to the cold wallets of the owners – FTX and Alameda Research – before shutting down the infrastructure and systems in order to ensure the safety of users’ funds.

Sam Bankman-Fried Companies acquired Ren Protocol in February 2021, with the goal of helping the project move to the next stage of decentralization.

In December 2022, the Ren Protocol team urged users to withdraw the remaining assets worth approximately $15 million, noting that Alameda controls part of the infrastructure, making it difficult to accurately predict future events.

The protocol allows users to issue “wrapped tokens” to use assets on other blockchains, with renBTC for Ethereum being the most popular coin on the network.

The project was initially launched in 2018 as a “shadow” cryptoplatform (darkpool) called Republic Protocol, raising around $34 million from several hedge funds.