- REN price dropped to a low of $0.94 after the Ren protocol announced it would transfer all crypto assets to FTX debtor wallets.
- Ren says all assets will be sent to a cold storage wallet belonging to the debtor.
- FTX/Alameda acquired Ren, a cross-chain bridge protocol, in February 2022.
The price of REN (REN) plunged Wednesday morning after Ren Protocol announced it would transfer all its assets to FTX debtor wallets.
REN holders rushed to sell heavily as the broader market traded cautiously amid growing expectations for economic data later in the day. REN price plummeted from his $0.10+ to his $0.94 low, losing almost 12% of its value against the US dollar.
According to CoinGecko data, daily trading volume surged by more than 45%.
REN Price Crashes On Major FTX-Related Ren Announcements
Ren Protocol is a cross-chain bridge acquired by FTX through its subsidiary Alameda Research in February 2022. After the Sam Bankman-Fried-led cryptocurrency exchange collapsed last November, the platform’s assets were transferred to debtors amid ongoing bankruptcy proceedings. .
Now, the Ren Protocol team says that FTX “debtors” have asked them to transfer all of their cryptocurrency holdings to cold storage wallets controlled by the debtors. The platform said the transfer was intended to help protect the cryptocurrency ahead of a possible shutdown of infrastructure and systems related to FTX.
— Ren (@renprotocol) April 12, 2023
Ren sends cryptocurrencies to a segregated wallet, and assets moved out of the bridge protocol are kept separate from other assets secured by the debtor.
In December, Ren announced that v.1.0 is still working after the FTX/Alameda debacle. However, the team recognized that the network could go offline and urged the owner of the Ren asset to return to his chain natively.
2) This is not under our control, so if you still have Ren assets, we recommend that you bridge them to their respective native chains.
This can be done here: https://t.co/5rq7H5zuV1
— Ren (@renprotocol) December 20, 2022
The REN/USD pair has picked up a bit, but the token could drop further. However, buyers are fighting to keep the support zone close to his $0.98. Some REN holders Also sees the decline as an opportunity buy cheapwhich points to the promise of Ren v.2.0.