As one of the world’s largest cryptocurrency exchanges, FTX, goes bankrupt, initiatives are multiplying to help affected investors. After Changpeng Zhao and Binance, Justin Sun, founder of Tron (TRX), and Huobi (HT) have announced that they are working together with FTX to try to save their investors.
Justin Sun to FTX’s rescue
While Changpeng Zhao, CEO of Binance, was positioning himself as a market saviour by offering to buy rival platform FTX, the withdrawal of the offer announced last night will have finished burying the last hopes of investors.
Binance’s initiative, although unsuccessful, was warmly welcomed by many major players in the ecosystem. Justin Sun, founder of the Tron ecosystem (TRX), commented simply: “Thanks for trying. It takes a lot of courage.” :
Thanks for trying. It takes lots of courage. https://t.co/ioo2Fr8XNa
– H.E. Justin Sun (@justinsuntron) November 10, 2022
Justin Sun also took to Twitter to announce that he was working with FTX to support users who have invested in Tron ecosystem tokens. He mentioned TRX, BitTorrent (BTT), Just (JST), Sun Token (SUN) and Huobi Token (HT) in particular:
Further to my announcement to stand behind all Tron token (TRX, BTT, JST, SUN, HT) holders on FTX, we are putting together a solution together with FTX to initiate a pathway forward. @FTX_Official
– H.E. Justin Sun (@justinsuntron) November 10, 2022
Although known for his ironic tweets, outlandish announcements and communication stunts, Justin Sun seems to be serious this time. Indeed, the tweet was retweeted by none other than Sam Bankman-Fried, CEO of FTX, who has been awfully quiet for the past few hours.
A solution for Tron (TRX) investors
This initiative echoes an announcement made yesterday by the Huobi platform, in collaboration with TronDAO. Both entities explain that they are offering an exit route for investors holding any of the above-mentioned tokens on FTX, although their funds are locked to the platform.
Huobi and @trondao to exchange the Tron tokens (TRX , BTT , JST , SUN, $HT) at 1:1 even if they cannot be withdrawn on FTX.
➡️https://t.co/v9xSdwipAa pic.twitter.com/UlMjtXvEBH
– Huobi (@HuobiGlobal) November 9, 2022
At the time of writing, the details of the proposal are not known. Huobi users are only asked to fill out a form to declare the amount of Tron ecosystem tokens (TRX, BTT, JST, SUN, HT) they hold on FTX.
The release explains that Huobi and TronDAO will do their utmost “to support users wishing to withdraw the Tron tokens they have deposited on FTX by a 1:1 ratio”. It is not yet clear who is affected by this initiative, so caution is advised.
