FTX said that Tron-based assets could be moved to wallets outside of the exchange.
After Tron founder Justin Sun agreed to move Tron-based assets from FTX to external wallets, the price of TRX, the network’s native token, went up by more than 140% on the cryptocurrency exchange FTX, from 12 cents to 29 cents.
“We are happy to announce that we have reached an agreement with Tron to set up a special facility that will allow holders of Tron (TRX), BitTorrent (BTT), just (JST), sun (SUN), and Huobi token (HT) to swap assets from FTX 1:1 to external wallets,” FTX tweeted Thursday.
FTX said that people who own these tokens can cash them in starting at 18:30 UTC (1:30 pm ET).
Sam Bankman-Fried, the founder of FTX, said on Twitter, “We hope this is just the first step in finding ways to give users liquidity.” “That is what I am fighting for most right now, and I will keep fighting for it in any way I can.”
On Wednesday, TRX briefly went up 4,000% to a 24-hour high of $2.50 on rumors that Tron-based assets would be redeemed by Sun on a 1:1 basis. Later in the day, it went back down to near-zero levels.
Tron had problems of its own. Wednesday night, the network’s algorithmic stablecoin USD (USDD) fell below its peg and went as low as 97 cents on multiple crypto exchanges. USDD was worth 98 cents not too long ago. Stablecoin rival tether (USDT) also lost its peg for a short time and fell to 97 cents, but it has since climbed back up.
