The developers of Ren Protocol reported that users could lose all their funds due to the closure of the project

time:2022-12-08 10:11 source:Internet

Ren Protocol, which issues renBTC wrapped bitcoins, has warned users of the risk of losing funds due to the closure of the Ren 1.0 project.The main reason for closing Ren 1.0 is the lack of funding after the financial collapse of Alameda Research, which was a major investor in the project.Ren 1.0 will be replaced by a new version of Ren 2.0. However, the developers noted that the two versions may not be compatible.The project advised users to immediately transfer circulating tokens to Ethereum and return them to the original chain as soon as possible.According to The Block, there are currently 1,130 renBTCs on Ethereum.
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