Huobi Pledges Tron Token Support on FTX Amid Sudden Demise

  • Justin Sun grants the FTX token holders’ request to withdraw TRON-based tokens via the FTX exchange.
  • This move aims to protect TRON holders and a bid to save the industry, says Justin Sun.
  • Users who wish to swap their tokens into Huobi should fill out a form.

Justin Sun’s crypto trading platform Huobi announced that the firm would allow FTX users to swap their TRON-based tokens on the FTX platform at a 1:1 ratio into their Huobi accounts.  

This move aims to protect the TRON token holders amid the ongoing liquidity crisis happening at crypto exchange FTX after the troubled exchange halts non-fiat customer withdrawals, says the founder of open-source blockchain platform TRON in a tweet.

An open letter addressed to the TRON and Huobi community revealed that the team has received numerous feedback from the FTX token holders who would want to withdraw from the FTX platform.

Sun said he and his team were deeply concerned about the liquidity crisis as it could expand into an industry-wide disaster. “If the industry is in trouble, everyone should contribute their own strength,” the team pointed out.

Therefore, after careful deliberation, TRON and Huobi decided to permanently allow TRX, BTT, JST, SUN, and HT holders in the FTX platform to exchange these tokens for all TRON-based tokens. Users who wish to swap the tokens should fill out a form, along with their Huobi account, as it will be the firm’s basis to reconcile with the FTX platform about the withdrawal of their frozen tokens.

Furthermore, the team gave their full support to the FTX acquisition of crypto exchange Binance. Both TRON and Huobi’s efforts to “give maximum support and help to the FTX platform,” was their bid to save the industry itself.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.