TRON Inventor Tackles FTX Incident: This Includes 5 Altcoins!

The developments for FTX, one of the major cryptocurrency exchanges, do not end. Most recently, the process of withdrawing funds from the stock market was in decline amid the arguments for FTX’s bankruptcy. Some investors were aggrieved because the stock market was experiencing a liquidity crisis. A statement came from TRON founder Justin Sun regarding this issue. Here are the details…

TRON inventor Sun addresses FTX victims

Justin Sun pointed to the liquidity crisis in FTX and stated that they will do whatever is necessary to protect investors. In the event that users with TRX, BTT, JST, SUN and HT tokens related to the TRON ecosystem on the FTX exchange cannot withdraw their money; He stated that they will meet the coins at a ratio of 1:1. This was announced on Huobi’s website as well. Koindeks.comAs we have also reported, Sun had participated in Huobi in the past weeks.

Latest situation in FTX: What happened?

The events surrounding the FTX and Binance drama went viral yesterday. With the bankruptcy of FTX, the world’s second largest stock exchange and one of the industry’s flagships, the crypto market has seen one of its darkest days in its recent history. Although Binance signed a non-binding letter of intent (LOI) yesterday to purchase FTX outright, there are still great doubts on all sides as to whether the settlement will actually be made. This uncertainty surrounding the bankruptcy of FTX and Alameda is currently weighing on the market.

The uncertainty lies in the lack of disclosure of the principles of the agreement. In addition, Binance CEO “CZ” said that he can withdraw from the agreement at any time and that he should do due diligence before the agreement becomes solid. A letter to investors from FTX CEO Sam Bankman-Fried (“SBF”) also mentions this obscurity. In the letter, SBF apologizes for the lack of connection to the settlement with Binance. In addition, SBF emphasizes that it has reached a “non-binding agreement on the purchase of FTX” with CZ. Twice, the CEO of FTX emphasizes that “first priority” is to protect customers and the industry.

SBF’s last sentence could set the tone and points to more uncertainty for client funds. “I’m sorry I couldn’t do better and I will do my best to protect client assets and your investment,” he says. The email comes after FTX went through a major run on the exchange that resulted in withdrawals being halted on Tuesday. According to the latest statements from SBF, the exchange is currently working to clear backlog processes in terms of withdrawals.

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