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- REN value fell to lows of $0.94 after Ren Protocol introduced the switch of all crypto belongings to FTX debtor pockets.
- Ren says all belongings shall be despatched to chilly storage wallets belonging to the debtor.
- FTX/Alameda acquired Ren, a cross chain bridge protocol, in February 2022.
The worth of REN (REN) fell sharply on Wednesday morning after Ren Protocol introduced it will be transferring all of its belongings to the FTX debtor’s pockets.
Because the broader market traded cautiously amid wider anticipation of financial information later within the day, REN holders had been spooked into heavy promoting. REN value nosedived from above $0.10 to lows of $0.94, shedding practically 12% of its worth towards the US greenback.
The sharp declines had been accompanied by big sellside quantity, with information from CoinGecko displaying each day buying and selling quantity had spiked by greater than 45%.
REN value nosedives on main FTX-related Ren announcement
Ren Protocol is a cross-chain bridge that FTX, via its subsidiary Alameda Analysis, acquired in February 2022. Following the collapse of the Sam Bankman-Fried led crypto alternate final November, the platform’s belongings moved to the debtors’ amid the continued chapter proceedings.
Now the Ren Protocol group says the FTX “Debtor” has requested them to switch all crypto belongings it holds to chilly storage wallets managed by the debtors. The platform famous that the transfers are supposed to assist safe the cryptocurrencies forward of any doable shutdowns of infrastructure and programs associated to FTX.
— Ren (@renprotocol) April 12, 2023
Ren will ship the cryptocurrency to segregated wallets, with belongings moved from bridge protocol saved individually from different belongings secured by the Debtor.
In December, Ren introduced that its v.1.0 remained operational after the FTX/Alameda debacle. Nevertheless, the group recognised the community might go offline and urged holders of Ren belongings to bridge again to the native chains.
2) Attributable to this not being in our management, it’s suggested for anybody nonetheless holding Ren belongings to bridge these belongings again to their respective native chains.
This may be achieved right here: https://t.co/5rq7H5zuV1
— Ren (@renprotocol) December 20, 2022
Whereas the REN/USD pair has clawed again somewhat, the token stays susceptible to additional draw back. Nevertheless, patrons are battling to maintain the assist zone close to $0.98. Some REN holders are additionally trying on the dip as a chance to purchase low, pointing to the promise of Ren v.2.0.