{"id":71651,"date":"2022-12-19T16:04:11","date_gmt":"2022-12-19T14:04:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71651"},"modified":"2025-09-08T10:17:03","modified_gmt":"2025-09-08T07:17:03","slug":"ren-protocol-warns-of-risk-that-15-million-worth-of-assets-could-be-lost","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ren-protocol-warns-of-risk-that-15-million-worth-of-assets-could-be-lost\/","title":{"rendered":"Ren Protocol warns of risk that $15 million worth of assets could be lost"},"content":{"rendered":"<p>The Ren Protocol developers warned that the protocol could shut down in the near term, potentially locking the remaining user assets worth $15 million.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">1) Reminder that Ren assets need to be bridged back to the respective native chains ASAP \u26a0\ufe0f<\/p>\n<p>The Ren 1.0 network is likely to imminently shut down, and any remaining assets are at risk of being lost. <a href=\"https:\/\/t.co\/OLSMrjj6vb\">https:\/\/t.co\/OLSMrjj6vb<\/a><\/p>\n<p>\u2014 Ren (@renprotocol) <a href=\"https:\/\/twitter.com\/renprotocol\/status\/1604205168530161665?ref_src=twsrc%5Etfw\">December 17, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The team explained that they cannot forecast exact timelines, as this is tied to <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">in the process of bankruptcy<\/a> Alameda Research. The firm acquired the project in February 2021 and controls part of the infrastructure.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe don&#8217;t know for sure. It depends on when the infrastructure we do not control will go offline. It could be in a few days, or a week or two. But I&#8217;m trying to find out,\u201d <a href=\"https:\/\/www.theblock.co\/post\/196040\/ren-protocol-shutdown-likely\">The Block<\/a> quotes developer Maximilian Roshko.<\/p>\n<\/blockquote>\n<p>The protocol allows users to mint <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-wrapped-token\">wrapped tokens<\/a> to use assets on other blockchains. The most popular token on the network is renBTC for Ethereum.<\/p>\n<p>If the protocol ceases operation, Bitcoin tokens minted would be inaccessible. According to Roshko, theoretically a restart of the network in the future could allow funds to be recovered.<\/p>\n<p>However, at present the project team strongly urges users to move their assets to other blockchains as soon as possible.<\/p>\n<p>Some commentators noted that the developers might have found a way to salvage the remaining funds. They say users entrusted the protocol team with asset security and shouldn&#8217;t have to monitor all updates on Twitter.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">You have over $15m of other people&#8217;s bitcoin still\u2026you really plan to rug them to zero because they are not following crypto Twitter?<\/p>\n<p>\u2014 Cryptoyieldinfo (@Cryptoyieldinfo) <a href=\"https:\/\/twitter.com\/Cryptoyieldinfo\/status\/1604273079458607104?ref_src=twsrc%5Etfw\">December 18, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In December, the DeFi platform MakerDAO <a href=\"https:\/\/forklog.com\/en\/news\/makerdao-raises-dai-savings-rate-to-1-per-year\">closed the ability<\/a> to borrow DAI stablecoin collateralized by renBTC.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ren Protocol developers warned that the protocol could shut down in the near term, potentially locking the remaining user assets worth $15 million.<\/p>\n","protected":false},"author":1,"featured_media":71652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1424],"class_list":["post-71651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-protocols"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=71651"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71651\/revisions"}],"predecessor-version":[{"id":71653,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71651\/revisions\/71653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71652"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}