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Blockchain

FTX Funds Moved to Special Cold Wallet by Ren Protocol

By Jeff Horseman

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Jeff Horseman
Jeff Horseman
Jeff Horseman got into journalism because he liked to write and stunk at math. He grew up in Vermont and he honed his interviewing skills as a supermarket cashier by asking Bernie Sanders “Paper or plastic?” After graduating from Syracuse University in 1999, Jeff began his journalistic odyssey at The Watertown Daily Times in upstate New York, where he impressed then-U.S. Senate candidate Hillary Clinton so much she called him “John” at the end of an interview. From there, he went to Annapolis, Maryland, where he covered city, county and state government at The Capital newspaper. Today, Jeff writes about anything and everything. Along the way, Jeff has covered wildfires, a tropical storm, 9/11 and the Dec. 2 terror attack in San Bernardino. If you have a question or story idea about politics or the inner workings of government, please let Jeff know. He’ll do his best to answer, even if it involves a little math.
  • Ren transfers all cryptocurrency assets into FTX debtor accounts.
  • REN has dipped over 12% in trading price.

Ren Open Protocol has announced the transformation of all cryptocurrency assets into FTX debtor accounts. Alameda Research acquired this blockchain interoperability platform at the start of 2022. As in the declaration tweet, the transfer was instructed prior in order to protect from “possible shutdowns”.

Another data revealed in the above tweet is the sending of assets to a unique “cold storage wallet”, which is specifically allotted by Alameda. This shows the pre-plan of the FTX sister company. The entire FTX group of firms has acquired shares and entities under the Ren Protocol.

After the fall of FTX, Ren took a few initiatives to begin its version 2.0 and even submitted the proposal for community voting. The team planned for it to be an individual institute without any FTX ties.

Post the asset transfer information, the value of the Ren crypto token has fallen to $0.09573 from $0.1074. REN has dipped over 12% in trading price and lost $12 million in market cap. Currently, the token is trading at $0.09853.

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