FTX TRON, FTX Has Made an Asset Swap Agreement With TRON!
Sorry for FTX after having a tough day recently. The update related to the exchange signed an agreement with TRON to allow holders of SUN, TRX, HT, JST and BTT to exchange their assets with FTX at 1:1 in external wallets. The plan was made available on November 10, 2022 at 6:30 UTC.
As part of the agreement, FTX will withdraw TRON deposits for users during this period. Future injection will take place at 14:00 UTC and the exact input of TRON will be determined every week.
Many factors will determine the amount to be invested. These will be determined by TRON. They will understand the withdrawal request and the right to invest. FTX also aims to provide a specific time frame in which the signal will be introduced. The goal is to provide customers with clarity and enable them to make informed decisions. Although there will be a general disablement of the storage, the announced sites will continue to work as the TRON team does every week.
The swaps will be initially paid for with $13,000,000 in assets. All information about future injections will be made public every week. The announcement was made by FTX through an official announcement where it thanked TRON for coming to the rescue. FTX said it is grateful to the TRON team for stepping in to help transition during these difficult times. FTX also acknowledges the support provided by the TRON group for a broader understanding of the crypto market. Times have been going well for FTX since it announced a liquidation shortage. Binance’s withdrawal from the agreement is a heartbreak that the TRON team hopes to be healed now.
FTX continues to wait for withdrawal requests from its customers. In the latest development, FTX said it would need up to $8 billion more from producers to meet the withdrawal request. Trouble crept into the company, however, as the Bahamas Securities Commission ordered the appointment of an interim liquidator to manage its assets. The commission suspended the county’s jurisdiction and Brian Simms served as interim commissioner. The commission has found a prudent way to liquidate the company in order to save assets and stabilize the business.
TRON couldn’t have come at a better time. Although many crypto companies stopped their support, TRON decided to hold hands and go to the other side of the tunnel. Many crypto companies have said that they have no or little interest in FTX accounts. Contracts where property holders can exchange what they own offer some relief to consumers. This feature went live on November 10, 2022 at 18:30 UTC.