BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Sponsored
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Sponsored
Home Blockchain

Justin Sun of Tron Intervenes, FTX Resumes Operations

by Chiwuike Owunwa
Nov 10, 2022 - 12:00 am
in Blockchain
Justin Sun of Tron Intervenes

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.

Galaxy brain?

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.

Tags: FTXTronTRX
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Logo of Deutsche Telekom, now a Polygon validator, signaling its strong presence in the blockchain space.

Deutsche Telekom Breaks New Ground, Becomes Polygon Validator

June 1, 2023

In a bold step towards Web3, Deutsche Telekom leverages its infrastructure, operating as a validator for Ethereum's layer-2...

RBI Deputy Governor Mahesh Kumar Jain addresses Indian banking directors, urging the adoption of AI and blockchain technologies.

RBI’s Call to Arms: Indian Banks Urged to Embrace AI and Blockchain for Future Growth

May 31, 2023

The Reserve Bank of India advocates for the integration of AI and blockchain into Indian banking systems to...

Security researchers at dWallet Labs uncover a significant flaw in Tron multisig accounts.

Tron Fixes $500M Multisig Vulnerability Uncovered by dWallet Labs Security Team

May 30, 2023

Security experts at dWallet Labs uncover a critical $500M flaw in Tron's multisig accounts, which was promptly resolved,...

Graph depicting the growth of the North American digital gaming market driven by metaverse and blockchain technology

Metaverse and Blockchain Catalyze Growth in North American Digital Gaming Market

May 30, 2023

Rapid growth in North America's digital gaming market is driven by metaverse and blockchain integration, reshaping the future...

Press Releases

pulse x

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse x

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse x

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

pulse x

Hong Kong Web3 Festival 2023, Hong Kong’s Largest-Ever Premier Digital Asset Event, is here. A Platform for Worldwide Leaders to Discuss the Latest Web3 and Blockchain Trends

May 8, 2023

Join Hong Kong Web3 Festival 2023, the largest-ever digital asset event, co-hosted by Wanxiang Blockchain Labs and HashKey Group.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise