The past few days have been depressing for the community with the collapse of FTX and the FTT token, meanwhile, the collaboration between Tron and FTX causes a surge in the value of Tron-based tokens in FTX.
Yesterday, FTX announced they have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.
After Binance called off its deal to acquire FTX, Tron founder Justin Sun came forward saying the team is “putting together a solution” with FTX to resume trading and withdrawals of Tron’s TRX, BTT, JST, SUN, and HT tokens.
Also Read: Binance Calls Off its Plan to Acquire FTX
Due to this action, traders on FTX have bought up the price of tokens linked to Tron in an effort to recover their locked funds.
However, if they decide to sell the Tron tokens on another exchange after purchasing them at the inflated price, they would probably incur substantial realized losses.
At the time of writing, TRX is trading at a price of $0.344 per unit on FTX.
For individuals attempting to flee FTX in this way, the losses will be worse, the higher TRX climbs on FTX. On FTX, the Tron-based token SUN has increased by 168.87%, with BTT and JST increased by an astounding 500%-1900% range over the course of a day.
FTX users in the Bahamas, where the exchange’s HQ is located, are believed to be the only ones who can withdraw from the exchange, according to FTX’s website.
FTX US alerts users that it may halt trading in a few days and users are asked to close down any positions they want to close down but are also informed that withdrawals are and will remain open.
The FTX official website notes that deposits of TRX, BTT, JST, SUN, and HT tokens are disabled.