- Ren Protocol has transferred bitcoin worth over $12 million to FTX following the closure of its operation
- Ren was bought out by Alameda Research in 2021 and was shuttered in the wake of its collapse
- The ₿407 sent over is made up of users’ funds that weren’t unlocked by the users themselves
Ren Protocol, the interoperability network that was killed by the collapse of FTX last year, has sent ₿407 ($12.2 million) to the FTX debtor’s wallets as the project continues to wind down. Ren was bought out by FTX in February 2021 and assigned to its trading wing, Alameda, but with FTX and Alameda folding last November, Ren was left penniless and closure was inevitable. In line with its closure plans, the group sent the BTC left on the platform over to the FTX debtor’s wallets today in one of the final actions of the dead project.
Dark Pool Trading Enticed Alameda
Ren Protocol was highly thought of for many years for its multi-currency ‘dark pool’ trading platform, so much so that when FTX acquired it in February 2021 it was seen as a sensible move for the outfit’s trading wing. However, things naturally turned sour when FTX and Alameda bit the dust, with Ren warning that it spelled doom for the project.
As a result of the imminent closure, Ren warned users to send their native renBTC tokens back to their respective chains and unlock the collateral before the network shut down, but millions in renBTC that has remained locked in the network, money that will now go to paying back FTX creditors.
— Ren (@renprotocol) April 12, 2023
Ren’s planned upgrade, Ren 2.0, which was already underway when FTX collapsed, was naturally abandoned as a funded project and is instead going ahead as a community-based one, with several upgrades it hopes will allow it to continue with its name and reputation intact.
