Wednesday, February 28, 2024

FTX Opens Tron Credit Facility to Allow Some Users to Remove Some of Their Assets.

The troubled FTX has set up a Tron credit facility to allow some users holding TRX, BTT, JST, HT, and SUN tokens to remove their assets from the platform. FTX will disable Tron deposits for all users for the time being.

The crypto exchange said only deposits will be the pre-announced deposits conducted possible. This development comes after Justin Sun, the founder of Tron network, stepped in to help. Sun’s priority is to help protect all the TRON ecosystem token holders and facilitate a place to resume withdrawals.

Meanwhile, Tron-based tokens like JST surged as much as 1000% on FTX. BitTorrent (BTT) and the SUN token were trading on FTX at premiums ranging from 525% to 1,196%. Data shows that the token prices were extremely volatile. The constantly changing prices had traders bidding up the price of Tron-related tokens on FTX. Analysts believe buying the tokens at the inflated price will lead to significant realized losses if they are sold on any other crypto exchanges.

A crypto enthusiast noted on Twitter that while FTX customers get pennies on the dollar, Tron makes a ton of money. He highlighted that people will take huge losses on their original holdings.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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