Ren Protocol, an Alameda-funded issuer of a wrapped bitcoin asset called renBTC warned its users of the potential risk of losses after it shuts down its existing product.
The Ren team said that this tokenized bitcoin, referred to as Ren 1.0, would soon be shut down. The primary reason for the shutdown of Ren 1.0 is the lack of funding after the financial collapse of Alameda Research.
Ren allows bitcoin holders to lock their assets and mint a wrapped version that can be used on Ethereum, but this mechanism has been put on hold for some time. After Ren’s version 1.0 is shuttered, it will be replaced by a new community-run Ren 2.0.
But the two versions may not be compatible. The project told users to immediately burn the circulating tokens on Ethereum and claim them back to the original …
