In most recent announcements Wren protocol has tweeted and asked for its users to that the platform will soon disable the deposits and freeze the platform within 30 days and withdrawals will be on hold.
The developers of Ren have asked the investors to withdraw their tokens from the platform as soon as possible and link those assets to their native blockchains.
Ren was forced to announce this publicly because the top leadership is shutting down Ren 1.0 following what happened with Alameda.
The developers have also told that they cannot guarantee the holders that their assets will be secured during the whole shift from Ren 1.0 to Ren 2.0 and it is quite possible that if within the 30 days the tokens have not been withdrawn the holders can suffer massive losses.
The fact of the matter is that after the demise of the FTX, the regulators and developers are once more active in ensuring the utmost transparency regarding the usage of digital assets.
Moreover, Ren has also decided to know the ties with Alameda as both of the platforms are striving towards achieving a higher level of transparency.
Developers State That:
Amid the recent upgrade, the platform will soon freeze all the mints which will be existing in the wallets once the 30 days deadline will be passed.
RenVM the mother company that is working on the release of the Ren 2.0 had previously made a similar statement in November. 18 202.
But in the previous announcement, the company does not mention that during the update the tokens will be frozen. But now the company has made it clear that all the tokens that would be available in Ren’s wallet during the phase of upgradation will be wasted.
So users if not shown urgency towards pulling their assets back will suffer massive losses.
Ren is being used by investors since 2017 for the purpose of bringing their assets. However, Ren was acquired by Alameda Research back in February 2021, and since then both of the networks were working separately.
But the recent troubles with Alameda Research and allegations made about FTX have forced the top management of both platforms to tie the knots to develop Ren 2.0 the higher version of Ren, with improved efficiency, speed, and transparency.
Moreover, another major issue that has triggered the urge of Ren 1.0 to move on to Ren 2.0 was the lack of funds.
Ren 1.0 Was Feeling Funds Deficiency
Ren 1.0 was significantly running out of funds. The company was afraid that it might face similar circumstances faced by FTX, Genesis Global, and Alameda Research itself.
This announcement has also created confusion and many investors have raised the concern about whether the Ren token platform itself is in danger of running short of funds.
Many of the Ren users have also asked the top-tier management to publish clarification about the situation as the current announcement seems fishy.
Ren’s top management responded promptly by saying that the company will soon share data about the current volume and also share information about the total wallets holding the assets.
Moreover, the company also announced that soon the officials of Ren and Alameda Research will announce a joint statement about their joint effort.
The company has also clarified that despite running out of the investment that situation is no way near that Ren has to file for protection against bankruptcy.
Despite all these clarifications, investors are not pretty sure about what the company’s officials have stated is 100% based on reality and market experts have shown their concern that any such news of another crypto entity is near collapse that will further volatile the market.
Moving forward, those who have active wallet and assets in Ren need to hurry to withdraw their assets before Ren freeze all the tokens and make investors suffer monumental losses.