Huobi will trade TRON tokens in a 1:1 ratio if FTX withdrawals fail by CoinEdition
© Reuters Huobi will swap TRON tokens in a 1:1 ratio if FTX withdrawals fail
- Huobi and TRON will support the exchange of TRON tokens deposited on the FTX platform.
- The exchange decided to accept 1:1 for all TRON tokens.
- The FTX CEO’s estimated personal wealth plummeted around 94% to $991.5 million in a single day.
Exchange platform Huobi Global and decentralized autonomous organization TRON DAO have announced that they will exchange all TRON tokens in a ratio of 1:1. The exchange provides voluntary support to its users who cannot withdraw their tokens on the FTX platform.
Justin Sun, the founder of TRON, pledged to do everything he can to protect his users, in a tweet.
The #FTX liquidity crisis has caused great concern in our industry. My team and I have a heavy heart to see how this crisis evolves. We will do everything we can to protect our users, including trading all #TRX, #BTT, #JST, #SUN, #HT on the FTX platform at a 1:1 ratio. https://t.co/eCh7YJlhpY
— HE Justin Sun (@justinsuntron) November 9, 2022
According to an official statement, the liquidity crunch at FTX has raised major concerns about asset safety, which is causing panic among token holders. In the interests of holders, Huobi and TRON DAO have decided to permanently allow their users to redeem their TRON tokens, namely TRX, BTT, JST, SUN and HT held on FTX from Huobi and TRON platforms.
The team further announced that the tokens will be exchanged in a 1:1 ratio, accepting all TRON tokens. The Huobi team said that the main purpose of this decision is to protect the industry and protect the security of the assets of TRON token holders.
Amid growing concerns over FTX’s liquidity crunch, several investors flocked to withdraw all of their Bitcoin (BTC), bringing the exchange’s balance to nearly zero. It was reportedly on a steep decline that recorded a low of $17,120 on Bitstamp, losing $2,000 in less than two hours.
In other news, Sam Bankman-Fried lost his name from the Bloomberg Billionaires Index after his estimated personal wealth plummeted around 94% to $991.5 million in a single day. Notably, before the cash crisis, Bankman-Fried’s net worth was estimated to be around $15.2 billion, but $14.6 billion was wiped out overnight.
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