Ren Protocol transfers all assets to FTX Debtors' wallet in case of shutdown

Cross-chain span level Ren Protocol has announced that FTX, Alameda and their affiliates that acquired the level successful 2022 person authorized and directed the level to determination each of its crypto assets to FTX Debtors’ wallets. 

According to Ren, the determination lets debtors safeguard their assets successful lawsuit of a imaginable shutdown of their systems and infrastructure. The span work besides highlighted that they volition beryllium transferring the assets to a segregated wallet that’s circumstantial to Ren’s assets successful an effort to abstracted the funds from different Debtor wallets.

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In a determination to stitchery much resources and further its ngo to propulsion interoperability wrong the DeFi space, Ren joined Alameda Research backmost connected Feb. 2, 2022. According to its CEO Taiyang Zhang, the Alameda acquisition volition expedite the decentralization of its technologies. Zhang besides highlighted successful a blog station that they volition person Alameda's resources to backmost them. 

However, things did not spell according to program arsenic the FTX speech and its sister institution Alameda Research experienced 1 of the biggest collapses successful crypto past past year.

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At the tallness of the troubles surrounding Alameda backmost successful December, Ren Protocol advised its users to unwrap their tokens which were successful the Ren 1.0 web and bring them backmost to the main chains. According to the firm, the web has unopen down owed to the events that surrounded Alameda Research.

Meanwhile, members of the assemblage responded with assorted sentiments to the quality that Ren’s assets volition beryllium transferred. A Twitter idiosyncratic commented that Ren is “getting rugged” legally portion different remained successful disbelief of what was happening. Meanwhile, a assemblage subordinate thinks that this is simply a determination from insiders to abbreviated the REN token.

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