Breaking: Tron Founder Justin Sun Working With FTX To Resume Withdrawals
Tron founder Justin Sun on Thursday said the team is working with beleaguered crypto exchange FTX on a solution to solve the situation at the crypto exchange. Justin Sun later announced that TRX trading on FTX has been resumed. Furthermore, other Tron tokens BTT, JST, SUN, and HT are already available for trading. Justin Sun and his team will work on resuming the withdrawal function for Tron tokens.
Justin Sun Announces Resumption of Tron Tokens On FTX
After Binance backed out from the proposed acquisition of FTX, Tron’s founder Justin Sun hinted at a potential partnership with crypto exchange FTX. Tron founder said his team is working with FTX on a “wholistic solution” to solve the liquidity crunch at FTX.
“The ongoing liquidity crunch, despite short term in nature, is harmful to the industry development and investors alike. My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the wholistic approach together with our partners.“
Justin Sun in subsequent tweets announced that trading of Tron tokens TRX, JST, BTT, SUN, and HT has resumed on FTX. Meanwhile, he is working with FTX to resume the withdrawal function soon. While the crypto community considered it as the final solution. However, Justin Sun said it is only the initial step of the “wholistic solution” to resuscitate and return to normalcy for all FTX users.
Some believe FTX will become solvent again with $800 million worth of TRX transfer to FTX. It forces users to buy TRX on a 10x premium as the only option to move out of the exchange, making the $8 billion gap to $800 million. Thereafter, users sell it for $800 million. FTX pays back the initial $800 million.
Tron (TRX) Price Jumps 300% on FTX
Meanwhile, TRX token price hit a high of $2.5 briefly in the last 24 hours. The TRX price is currently trading at $0.253, whereas on other exchanges it is $0.06. Users are buying TRX because it’s the only way to exit FTX.
FTX website was down amid the liquidity crunch. The website comes online today with a banner showing the message, “FTX is currently unable to process withdrawals. We strongly advise against depositing.”
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