Justin Sun announced that they will support all of his Tron network-supported coins and also will help FTX exchange to bring a better path to get out of this situation.
Justin Sun is the founder of the popular Proof-of-stake blockchain network “Tron”. He is also the Founder of many crypto projects (exchange & coins). He is no longer working as a professional in the crypto sector but still helps to push innovations with better levels of development with the help of his team under his guidance. At present, Justin is a diplomat for Grenada.
When initially the downfall of the FTX crypto exchange started then at that time Justin Sun announced that Huobi & Trondao crypto exchanges will help to withdraw the tokens in 1:1 form from the FTX exchange, even though the exchange will not allow withdrawal.
#Huobi and @trondao to exchange the Tron tokens (#TRX , #BTT , #JST , #SUN, $HT) at 1:1 even if they cannot be withdrawn on FTX.
— Huobi (@HuobiGlobal) November 9, 2022
In that time frame, TRX & other coins of Tron’s founder successfully grabbed a significant level of stability amid the critical downfall in the prices of other assets.
On 10 November, Justin announced that the current situation in which FTX is facing a liquidity crunch is a very bad thing for crypto investors & also for the future of this innovative sector.
“The ongoing liquidity crunch, despite being short-term in nature, is harmful to the industry development and investors alike,” Tron’s founder said.
In the same tweet thread, Justin confirmed that his team is continuously working on this matter to help FTX exchange to get out of this situation. And also said that he believes that the situation is still in a phase that can be controlled.
My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the wholistic approach together with our partners. Stay tuned #TRON @FTX_Official
— H.E. Justin Sun
At the time of writing this article, the price of TRX, a native token of the Tron blockchain, is $0.05515 and this price is only 10% down over the last 7 days of trade price.
Read also: Binance will not acquire FTX amid this downturn of the FTX exchange
Tron founder jumps to help FTX exchange amid critical liquidity need
https://bitcoinik.com/tron-founder-jumps-to-help-ftx-exchange-amid-critical-liquidity-need/feed/
https://bitcoinik.com/tron-founder-jumps-to-help-ftx-exchange-amid-critical-liquidity-need/feed/
