RenProtocol has announced that they will be shutting down the Ren 1.0 network in the near future and are rushing to develop the Ren 2.0 bridge. The truth behind this move is that RenProtocol was actually owned by Alameda Research, which is now to crypto heaven. Due to this shadowy ownership, the dev team is making it impossible from 20th December to bridge ren assets, effectively losing the support of every holder. Their decision to prioritize their own interests over those of their supporters, particularly those who don’t frequent crypto forums like Twitter, is unacceptable.
What to do with renBTC?
Hurry and exit renBTC pools immediately to avoid losing your investment. If you have renBTC, you can protect the value of your investment by swapping or bridging it for bitcoin. Swapping renBTC for bitcoin involves exchanging the assets through a cryptocurrency exchange or swapping platform, while bridging renBTC for bitcoin involves transferring the value of your renBTC to a bitcoin wallet or address using a bridge service.
15 million lost
The risk of losing your investment for renBTC is 100%. Overall there is a risk of losing $15 million worth of it. The risk is even greater if you consider the pools on other chains, such as the curve Bitcoin pools on other chains. Don’t wait – remove your liquidity and bridge to native BTC, which will become worthless once they can no longer be bridged.
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