Justin Sun's Tron to Help 5 Cryptocurrency Holders on FTX
A modest number of FTX investors will get help moving their assets from the collapsing crypto exchange of the Tron network.
Facing liquidity issues, FTX announced that Tron will set up a facility that will allow holders of its tax token and four other cryptocurrencies associated with founder Justin Sun to move assets to external wallets. The facility will start at $13 million, a drop in the bucket compared to the $8 billion in emergency funding the Wall Street Journal reported FTX said it needed.
In addition to tax, the tokens are BitTorrent, sun, just, and Huobi. The tax was the only one in the top 20 cryptos traded by value on FTX.
Further liquidity injections will be set weekly, FTX said.
Sun hinted that the tokens could be supported in a post on Twitter yesterday, which came after the Binance exchange withdrew preliminary support for FTX.
Tron's Trx is up 7.7% in the past 24 hours to 5.8 cents in New York afternoon, according to comics. It ended at 6.3 cents last Friday before the problems on FTX became apparent. Among other tokens, BitTorrent gained 9.4%, sun 5.8%, and just 8.5%, while Huobi fell 1.4%.
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@Winy
35 % set to @ph-fund
This is a popular news as of now and it will be interesting to see how justin helps the exchange to overcome the problem.
Hii @alokkumar121,
right
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If anything can help the exchange to work on the problem then I think it is a good idea and I hope Justin does the same whatever is expected from him by the ftx exchange.
Hii @reeta0119,
I think it will be beneficial for all the cryptocurrencies in which he is helping/investing
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