Ren protocol warned users about the possible loss of assets – Bits Media

The issuer of the wrapped bitcoins Renbtc Ren Protocol announced, What will be removed by Ren 1.0. Due to the lack of funding, previously received from the cryptocredor of Alameda Research.

The Ren team reported, that after that, How a version 1.0 will be closed, a new version will be launched 2.0, controlled community. In this case, two versions can be incompatible. Therefore, users should burn tokens circulating on the Ethereum and return them to the original blockchain as soon as possible, to protect yourself from potential risk:

“Since the compatibility between Ren 1.0 and 2.0 cannot be guaranteed, Ren assets holders should return to native tokens as soon as possible, Otherwise, they risk losing them ".

Ren allows bitcoin holders to block their assets and create a wrapped version, which can be used in the Ethereum. Recently the provision of this service was suspended. Now on Ethereum circulates 1 130 renBTC (about $19.2 million). After that, How a version 1.0 will be removed, Tokens owners are likely to not be able to restore their assets.

Financial Times recently reported, that Alameda Research invested funds in doubtful companies.