RenProtocol Rugs its Passive Holders

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RenProtocol Rugs its Passive Holders

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.

Ren Tweet
Ren Rugs

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.

 

Pools affected

How to Short Ren–  REN?

Altough ren Assets are not the same as the REN token, this is bad news for the token. This makes it attractive to speculate on further decline of REN price. To short Ren Protocol– REN, you will need to follow these steps:

  1. Open an account on ByBit that allows short selling.
  2. Deposit funds into your account. Keep in mind that short selling typically requires a margin account, which means you will need to have a certain amount of money available to borrow the REN you plan to short.
  3. Find the REN ticker symbol and locate the current price. 
  4. Place a sell order for the number of REN you want to short at the current market price. This will create a short position in your account.
  5. Monitor the price of REN and the value of your short position. If the price decreases, your short position will increase in value.
  6. Close your short position by buying back the same number of REN you sold short. This will effectively “cover” your short position.
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