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FTX capital flight opportunity! Sun Yuchen: 1:1 redemption of FTX native tokens, TRX, and HT leads to a 14% surge

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FTX capital flight opportunity! Sun Yuchen: 1:1 redemption of FTX native tokens, TRX, and HT leads to a 14% surge

After FTX announced a partnership with Binance to address liquidity issues, FTX has now completely suspended withdrawals. Many users are starting to worry about potential asset losses due to the uncertainty of when funds can be withdrawn from FTX. In response, TRON founder Justin Sun announced a 1:1 redemption of FTX's native tokens, providing a channel for FTX funds to exit.

Justin Sun Provides Withdrawal Channel for Funds

"The TRX, BTT, JST, SUN, and HT holders on the Tron blockchain, including myself and the Huobi platform, have given a lot of feedback about their desire to withdraw from the FTX platform. Our team and I are deeply concerned about the situation that has developed. This has become a critical moment that none of us can ignore," said Justin Sun.

After careful consideration, Justin Sun has announced the permanent 1:1 rigid redemption of all Tron-based tokens on the FTX platform, including the aforementioned cryptocurrencies. In other words, holding these tokens on FTX will entitle the holders to equivalent shares on the Huobi exchange.

Currently, a form has been opened for users to fill out, requiring FTX and Huobi account information, as well as the quantity of relevant cryptocurrencies held. Huobi will use this information to coordinate withdrawals with FTX.

"TRX, BTT, JST, SUN, and HT on the FTX platform were not 'happy beans' in the past, are not now, and will never be 'happy beans' in the future," stated Justin Sun.

Furthermore, in the spirit of mutual assistance and industry self-rescue, Justin Sun expressed full support for Binance's thorough investigation, investment, and potential acquisition of the FTX exchange.

Warning: Huobi and the Tron Foundation retain the ultimate right to interpret this matter. The team has not clearly indicated when token redemption will take place, so please evaluate the decision carefully before proceeding.

Tron-Based Tokens See Price Surge

Following Justin Sun's statement, assets can be converted into Tron-based tokens, offering an opportunity to transfer assets to Huobi and escape the current inability to withdraw funds. As a result, besides BTT, TRX and HT have seen a daily increase of over 14%.