Justin Sun-linked tokens resume trading on FTX at higher prices Justin Sun-linked tokens resume trading on FTX at higher prices
Tron token withdrawals have been enabled on the struggling crypto firm platform.
2 min read
Updated: Oct. 9, 2023 at 6:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Several crypto assets linked to Justin Sun, including Tron (TRX), Just (JST), Sun (SUN), BitTorrent Token (BTT), and Huobi Token (HT), have resumed trading on struggling crypto exchange FTX.
#TRX trading on @FTX_Official has resumed. Working on withdrawal function. Stay tuned.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2022
Sun revealed this in a Nov. 10 tweet, adding that his team was working on the withdrawal function.
Meanwhile, only TRX withdrawal is possible on FTX, as other TRON tokens can only be traded. This means that users who want to withdraw from FTX have to convert their assets to TRX.
TRX is trading at a higher rate on FTX than other exchanges. As of press time, TRX is up 13% on FTX, exchanging hands for $0.06. In comparison, TRX is trading for around $0.056 on KuCoin, and Binance-CryptoSlate data shows that the token declined by 10% over the last 24 hours.
The FTX website still states that it cannot process withdrawals as of press time.
Sun is working on a ‘solution’ for FTX
Sun claimed that the trade resumption was “only the initial step taken towards a wholistic solution that is being crafted to resuscitate and return to normalcy for all FTX users,” praising the exchange’s collaborative effort.”
The Tron founder had initially tweeted that he was working on a solution with the beleaguered crypto exchange to initiate a pathway forward –Sam Bankman-Fried retweeted the statement.
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2022
He noted that the “ongoing liquidity crunch, despite short term in nature, is harmful to the industry development and investors alike.”
In a separate post, Huobi and Tron DAO announced that they would support the exchange of TRON tokens on the FTX platform at a 1:1 ratio, even if withdrawal fails.
Users have been asked to complete a Google form to submit details about TRON tokens they hold on the struggling crypto platform.
The firm’s attempts to raise funds have been futile, and Binance walked away from acquiring it because of concerns over regulatory scrutiny and its handling of customers’ funds.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
TRON is one of the largest blockchain-based operating systems.
SUN
$0.02019
SUN token is a social experiment dedicated to the development of TRON’s DeFi ecosystem.
HTX Token
$0.63996
HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
BitTorrent
$0.00000
BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years.
JUST
$0.03293
JUST aims to build a fair, decentralized financial system that provides stablecoin lending and governance mechanisms for users around the world.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.