Several crypto assets associated with Justin Sun, including Tron (TRX), Just (JST), Sun (SUN), BitTorrent Token (BTT), and Huobi Token (HT), are on the struggling crypto exchange FTX. We have resumed trading.
#TRX trade with @FTX_Official We have resumed. I am working on a withdrawal function. stay tuned.
— HE Justin Sun 🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022
Sun clarified this in a November 10th tweet, adding that his team was working on a withdrawal feature.
On the other hand, FTX only allows TRX withdrawals and other TRON tokens can only be traded. This means that a user who wants to withdraw from FTX will have to convert their assets into his TRX.
TRX trades on FTX at higher rates than other exchanges. At the time of writing, TRX is up 13% on his FTX, trading at $0.06. By comparison, TRX is trading at around $0.056 on KuCoin, and data from Binance-CryptoSlate show the token has dropped 10% over the past 24 hours.
FTX website It still states that it cannot process withdrawals at press time.
Sun is working on an FTX ‘solution’
Sun claimed To resume trading,Just the first steps taken towards a holistic solution being created to reanimate and bring everyone back to normal FTX Praise for collaboration between users and exchanges”
The Tron founder initially tweeted that he was working with the struggling cryptocurrency exchange to find a solution.
In addition to my announcement that I support all Tron tokens (#TRX, #BTT, #JST, #Sun, #HT) holder #FTXwe are putting together a solution #FTX Start on your way forward. @FTX_Official
— HE Justin Sun 🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022
he I got it “The ongoing liquidity squeeze, while short-term in nature, is detrimental to both industry development and investors,” it said.
Separately PositionHuobi and Tron DAO announced that they will support the exchange of TRON tokens on the FTX platform at a 1:1 ratio, even if the withdrawal fails.
Users have been asked to fill out a Google form to submit details about the TRON token they hold on the struggling crypto platform.
The company’s fundraising attempts were fruitless, and Binance abandoned the acquisition due to regulatory scrutiny and concerns about the handling of customer funds.
