With the current situation, FTX has found itself in, Justin Sun of Tron has stepped in to provide a lifeline for users trapped in the FTX crunch.
#TRX trading on @FTX_Official has resumed. Working on withdrawal function. Stay tuned.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2022
On the 10th of November 2022, Justin Sun tweeted a piece of thrilling news for the users of FTX. TRX trading is back on FTX, and they are working to finalize the withdrawal feature. The aim is to provide a holistic solution for the current FTX situation.
This is at the heels of Binance releasing a tweet that crashed the price of FTT, announcing plans to take over FTX, then subsequently pulling out of the FTX deal, stating clearly that FTX has been mismanaging user funds, leaving FTX and its users dead in the water.
Amidst this good news, a Twitter user is skeptical about the deal, and this is what he has to say.
Justin Sun offers $800m of Justin Tokens (JT) to Sam on IOU.#FTX then only allows withdraws on JTs, forcing users to purchase JTs to withdraw and marking the price up 10x.
$800m x 10 = $8b
[Hole Plugged] funds restored
++ FTX has $8b obligation note to Justin https://t.co/gVhfwFv04T
— Digital Lawrence (@DigitalLawrence) November 10, 2022
In his opinion, Justin Sun is offering JT (Justin Tokens) tokens worth $800 million to FTX, but would only allow FTX users to withdraw in JTs. Thus, with all that activity, the value of JTs would be 10x, leaving FTX with an $8 billion obligation. A short-term solution that could dig FTX into a deeper hole in the long run.
It seems like a brilliant idea, and if the speculation is true, Justin aims to scale JT capitalizing on FTX’s current tight spot.
TRON DAO and Huobi have also promised that in the event withdrawal on FTX fails, they plan on stepping in to assist in pulling out funds for users holding Tron tokens.
With T-Rex trading available on FTX the only lifeline for users is to open a Huobi account and convert their assets to TRX waiting for either the withdrawal solution or the TRON DAO to step in.
According to Justin Sun, the Tron team has been working round the clock in collaboration with FTX. He believes that the situation is manageable and the solution will be provided in due time to avert any further deterioration.
So stay tuned as TRX might soon be hitting the roof.