Ren which was first known as Republic Protocol. During the ICO, $ 34 million was raised in the year 2018.
Ren has been re-branded since 2019 to focus on making the protocol called RenVM. This protocol was released in May 2020.
On Feb 2nd 2021 Ren had a market capitalization of number 50 on Coingecko’s website.
60 days later it was 132 and still falling. This is during a bull market.
And Ren’s CEO Taiyang Zhang made a cryptic tweet about a collusion+rugpull.
What happened? Follow the money.
Although transactions on Ethereum blockchain are public, they can be convoluted and confusing. Fortunately there is a service that takes the mystery out of the blockchain. Nansen.ai. We will use this service to examine the transactions regarding the Ren/Alameda partnership. Anyone can do the same by purchasing a 9 dollar trial subscription.
Ren had a Multisig Wallet containing funds for future development. A multisig wallet requires more than one person to approve the transfer of funds. Since people watch for very large transfers, many smaller transfers were made to avoid attention.
The first tranche of 8,787,066 Ren were sent to Alameda Research FTX account and the second tranche of 8,948,535 Ren were sent directly to Alameda Research account at Binance. Subsequent tranches of Ren were sent to 5 different addresses in the amounts of 18,216,430, 18,082,142, 19,476,304.57, 17,973,250, 18,871,026 Ren.
Lets follow the 18,216,430 tranche and see were it goes. First it went to 0xC0F38ADc819fe4e00d1432E4A562280C26Ada9DC
From there it went to FTX’s deposit address. 0xda1A98e32EB557C342611a62b5E77FBb289151D8
Here we can see all the tranches were eventually sent to the FTX exchange. From there 120,483,400.58 Ren tokens were sent to various exchanges to be sold.
Sam Bankman-Fried and Alameda Research has a history of being accused of unfair trade practice. The Yearn Finance community blamed the price collapse of shorting by Alameda Research.
In the case of Ren, it looks like the Ren team colluded in the dumping of the Ren Development Fund. The first tranches to Ren tokens were sent directly to Alameda’s trading accounts at Binance and FTX. They continued to lie about the arrangement claiming a beneficial partnership. The community asked for an AMA (Ask Me Anything) meeting. The Ren team allowed fifteen questions to be submitted on a forum to be answered 15 days later. The answers were obviously written by an anonymous person. Most likely not by Alameda.
Why did they do this? To turn the Development Fund into a Founders Reward, dump on the supporting community, and pocket a hundred million dollars? After the development fund was dumped, the Ren Team subsequently asked the community to create a new Development Fund.
Who is the Ren team that allowed this to happen?
Taiyang Zhang CEO
Loong Wang CTO
Michael Burgess COO
If you believe that you have been injured by these people file a formal complaint with the US Atty. of New York alleging price manipulation in violation of CFTC laws as well as a pump and dump strategy by Republic Protocol, Alameda Research, and Alameda Research CEO Sam Bankman-Fried.
The CFTC Division of Enforcement is focused on manipulation and spoofing; insider trading; foreign corruption; anti-money laundering and the Bank Secrecy Act; and digital assets.
Questions may be asked in these groups.