In October, experts of the Elliptic analytical company noted that hackers are actively using cross-chain bridges to launder stolen funds. According to their data, criminal proceeds worth at least $540 million passed through RenBridge. This includes proceeds from ransomware programs, assets stolen by North Korea and about $2.4 million from the Nomad hack.
In early 2022, the FTX-affiliated trading company Alameda Research acquired Ren Protocol.
After the parent structure of the group, FTX Group, filed for bankruptcy on November 11, the Ren team lost quarterly funding.
According to the developers, the available funds will last until the end of the year. They decided to force the transition to a community-driven open source protocol. In order to launch Ren 2.0, the team will close the first iteration of the network “as soon as possible”. The process of issuing wrapped coins will be discontinued, while burning will remain available for 30 days.