Ren’s core team holds the keys to nearly $160M in bitcoin in a single wallet. The team says that’s part of its decentralization roadmap

Quick Take

  • Cross-chain token transfer protocol RenVM has garnered criticism from the crypto community after a report from competing protocol Wanchain found it is storing all user funds in a single wallet controlled by Ren’s core team
  • The Ren team has defended its operations, saying it is working towards decentralization in phases to reduce security risks and allow the team to quickly counter threats of an attack
Cross-chain token transfer protocol RenBTC has faced recent backlash for its use of a single, centralized wallet to store nearly $160 million worth of Bitcoin.

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