Alameda-Funded Ren Tells Users to ‘Bridge Back to Native Chains' as It Sunsets 1.0 Platform

According to the team behind the open protocol Ren, developers are winding down the Ren 1.0 network following the FTX and Alameda Research collapse. Last year, under previous Ren leadership, Alameda acquired Ren and was funding development every quarter. On Dec. 7, 2022, Ren developers warned Ren 1.0 and 2.

Timeline of Ren

Ren Protocol warned its users of potential risk of losses after it shuts down its existing product.  The post Alameda-backed Ren warns users of losses as it plans to wind down protocol appeared first on The Block.

Rumors that Binance was looking to acquire multichain protocol Ren caused the protocol's native REN token to soar 32% to $0.1061. The post REN Price Jumps 32% Following Binance Acquisition Rumors appeared first on BeInCrypto.

The Ren Bridge project announced in its ‘Ren Community' Medium blog on November 18 the ways in which it plans to move forward with Alameda Research. The post Ren Bridge announces open source community led Ren 2.0 in response to Alameda fallout appeared first on CryptoSlate.

The crypto project Ren seems to be in a state of limbo for not having enough funds for its development following the FTX crisis. Alameda Research, FTX's trading arm, was funding Ren's development with $700,000 every quarter.

Elliptical Connect, a blockchain data analytics firm, released a report Wednesday — widely covered in both the crypto and  news media — entitled “Cross-chain Crime: More Than Half a Billion Dollars has Been Laundered Through a Cross-chain Bridge.

REN has shown several bullish signs on the daily time frame, and it is possible that the price will initiate a strong bounce as a result. The post REN's Weekly RSI Drops to Lowest Ever Level as Price Hits New Yearly Low appeared first on BeInCrypto.