FTX Crisis: Ren Left With $160K in Funding To Survive

Due to insufficient funds for its development after the FTX crisis, Ren, a crypto project seems to be in limbo. Alameda Research was FTX’s trading arm and provided $700,000.00 each quarter for Ren’s development.
Alameda’s Acquisition Shows Costly
Alameda Research purchased Ren in collaboration with the previous leadership to ensure funds for long-term developmental projects. Alameda has provided quarterly support to the development team since then.
Everything looked perfect until last week when the FTX group, Alameda’s parent company, filed for Chapter 11 bankruptcy proceedings.
Read More: FTX Exchange Files For Bankruptcy
The Ren team stated on Friday that funds are not available beyond Q4. A community call earlier this week revealed that around $160,000 was left over for the project’s remaining funding.
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CoinGape reported that FTX funded Alameda Research with billions of dollars of customer assets in order to finance risky trades as well as personal loans to the management. It also took some of its associated projects, such as Solana or Ren.
Read more: Solana loses $1 billion in USDT to Ethereum due to FTX collapse


Ren’s Future Plans After the FTX Crisis
Ren is currently looking for financial support from other sources. The team revealed Friday that they were looking into potential opportunities with community members.
The team is looking to introduce Ren 2.0, which is the most recent version, and to obtain new funding. This new version was introduced in August to facilitate a transition to an open-source community-run initiative.
The team believes it is crucial to accelerate the switch from the older version to the newer version, as Alameda is believed to own the intellectual property (IP), rights to the earlier version.
These options will likely be put to a vote by RenDAO members for selection.
Market Reaction
The REN token lost more than 30% in the last 30 days due to the turmoil in the crypto community. REN’s price fell by 1.85% within 24 hours of the announcement and is currently trading at $0.07 at the time this article was written.

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