The user is cautioned by Ren’s log not to open the token. According to the team’s tweets, withdrawals and deposits will both be void after 30 days.

The instruction for the clients

Clients of the structuring service Ren are advised to uncover their crypto coins and re-attach them to the in-made framework as soon as possible, according to the developers of the platform.

Ren’s mint will no longer be functional soon, the team tweeted. As a result, it won’t be achievable to store possessions on the service and connect them to other frameworks. The burn will stop working after 30 days as well.

The initiative was first announced on March 11th by RenVM, the project’s sponsor. When the current protocol is shut down in December, a brand-new variant of the documentation called Ren 2.0 will be made available in parallel.

Therefore, even after Ren 1.0 will be closed, the assets that are presently connected may be functional, though.

Nevertheless, this latest statement shows the real info that existing possessions might not be usable on the brand-new service, so clients might be forced to keep using those assets if the tokens aren’t withdrawn right away.

Since 2017, Ren clients have been using it to connect their assets. RenVM was purchased by Alameda Research in February 2021. After declaring bankruptcy in November as a result, Alameda was left with insufficient funds.

Due to this lack of funding, the team decided to hasten the switch to Ren 2.0, as they detailed in a post on November 18.

The confusion among the users

On social media, the brand-new statement led to non-understanding, as some users questioned whether the Ren token itself had been compromised.

Another user remarked that he was confused, as he could not understand what he had to do with his assets and how to manage them correctly. His REN tokens were present in the ledger, and he wished to know what is going to happen to them once the update is released.

In response, the Ren owner asked the team for an explanation, explaining that the announcement had resulted in panic selling. These specific tweets received no response from the group.