1 year ago
The squad stated connected Twitter that deposits would beryllium disabled “shortly” and withdrawals wrong 30 days.
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The developers of bridging level Ren protocol person warned users to unwrap their tokens and span them backmost to their autochthonal chains “ASAP,” oregon hazard losing them, according to a Twitter thread from the team.
1) Important announcement ⚠️
As announced previously, the Ren 1.0 web is shutting down owed to the events surrounding Alameda
As compatibility betwixt Ren 1.0 and 2.0 cannot beryllium guaranteed, holders of Ren assets should span backmost to autochthonal chains ASAP, oregon hazard losing them! https://t.co/20vpGBc8W0
The squad stated that mints connected Ren volition beryllium disabled “shortly,” meaning that it volition beryllium intolerable to deposit immoderate assets onto the level to span to different networks. In 30 days, “burns” oregon withdrawals volition besides beryllium disabled.
The institution down the project, RenVM, had antecedently stated connected Nov. 18 that they would beryllium releasing a caller mentation of the protocol, Ren 2.0, “in parallel” with the shutdown of the existent one. This implied that the existent bridged assets mightiness inactive beryllium usable aft the shutdown of Ren 1.0.
However, this caller announcement makes wide that existent assets whitethorn not beryllium usable successful the newer mentation of the platform, truthful users whitethorn get these assets stuck successful the level if they don’t retreat them soon.
Ren protocol users person relied connected it to span assets since 2017. But successful February, 2021, RenVM was acquired by Alameda Research. This led to a backing shortfall aft Alameda filed for bankruptcy successful November.
Related: Alameda Research invested $1.15B successful crypto miner Genesis Digital: Report
In the Nov. 18 post, the squad explained that they had decided to velocity up the determination to Ren 2.0 due to the fact that of this backing shortfall.
The caller announcement caused disorder connected societal media arsenic immoderate users wondered if the Ren token itself was successful immoderate benignant of danger. One idiosyncratic asked “If we clasp tokens connected cex bash we request to bash something?” and different worried aloud “I’m confused My REN token is successful ledger dose the update effect maine too?”
One frustrated Ren holder replied by asking the squad to contented a clarification, stating that the announcement has led to “panic selling.”
The squad has not replied to these idiosyncratic tweets. But successful the announcement thread, it did issue elaborate instructions to users connected however to cheque to spot if they person bridged assets they request to withdraw.
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