Metamask RPC error while burning $testBTC on Kovan

[0xnaman1]

Error - The $testBTC mint is working fine but for some reason, the burn function mentioned in the RenJS docs is giving a
MetaMask - RPC Error: The execution failed due to an exception. {code: -32016, message: 'The execution failed due to an exception.', data: 'Reverted'}. error.

Steps to reproduce - After connecting to wallet, simply calling the renJS.burnAndRelease gives the error. Here's the code for it.

  const burn = async()=>{
    const {ethereum} = window;
    try{
      if(ethereum){
        const provider = new ethers.providers.Web3Provider(window.ethereum);
        const signer = provider.getSigner();
        const address = await signer.getAddress();
        const ethereumProvider = { provider, signer };

        const value = 0.001* 1e18;

        const renJS = new RenJS("testnet",{
          useV2TransactionFormat: true,
        });
        const burnAndRelease = await renJS.burnAndRelease({
          asset: "BTC",
          to: Bitcoin().Address("0xtb1q8kfmt02l5q5fgpuuhc2prygm8jwsava9kd620l"),
          from: Ethereum(ethereumProvider).Account({ value }),
        });

        let confirmations = 0;
        await burnAndRelease
          .burn()
          .on("confirmation", (confs) => {
            confirmations = confs;
          })
          .on("transactionHash", (txHash) => console.log(`txHash: ${String(txHash)}`));

          await burnAndRelease
          .release()
          .on("status", (status) =>
            status === "confirming"
              ? console.log(`${status} (${confirmations}/15)`)
              : console.log(status)
          )
          .on("txHash", console.log);

          console.log(`Withdrew ${value} BTC to ${"tb1q8kfmt02l5q5fgpuuhc2prygm8jwsava9kd620l"}.`);
      }
    }catch(e){
      console.log(e);
    }
  }

I've tried to omit the useV2TransactionFormat format as well, but it throws the same error.