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Tron CEO Justin Sun has promised to help FTX’s customers holding any of Tron’s five tokens to swap assets to external wallets.
FTX International announced that it had officially reached an agreement with Tron. The agreement will allow FTX customers who hold , BTT, JST, SUN, and HT to swap their tokens from their custodial wallets to external wallets 1:1, starting on Nov. 10, 2022, at 18:30 UTC.
According to FTX CEO Sam Bankman-Fried, the deal with Tron is the first step in bringing liquidity to users. This comes after the billionaire initially underestimated FTX’s ability to honor withdrawals.
We hope this is just step one: beginning to find ways to bring liquidity to users.
That is the core thing that I am fighting for right now, and will continue to fight for in whatever ways I can. https://t.co/pzTJBsytVS
— SBF (@SBF_FTX) November 10, 2022
Further to my announcement to stand behind all Tron token () holders on , we are putting together a solution together with to initiate a pathway forward. @FTX_Official
— H.E. Justin Sun???????????? (@justinsuntron) November 10, 2022
According to FTX CEO Sam Bankman-Fried, the deal with Tron is the first step in bringing liquidity to users after he initially underestimated FTX’s ability to honor withdrawals. His rival-turned-ally Justin Sun agreed.
This is only the initial step taken towards a wholistic solution that is being crafted to resuscitate and return to normalcy for all users. I greatly appreciate the collaborative work between @FTX_Official teams ??
— H.E. Justin Sun???????????? (@justinsuntron) November 10, 2022
SBF also admitted he had failed to give customers regular updates after Sunday’s bank-run scenario.
Now, Bankman-Fried said his top priority is “doing right by users” and that FTX is pulling out all the stops to raise liquidity ‘this week.’ FTX COO Constance Wang is reportedly involved in the fundraising.
The company is exploring entering nonbinding agreements (term sheets) with potential investors. FTX users with frozen funds will be the first recipients of any liquidity raised, and FTX will use any remaining money to pay back investors and employees. In an employee memo seen by the New York Times, SBF said that there were many deals in the pipeline but that those deals may not materialize.
Alameda Research, the quant trading firm at the heart of the FTX crisis, will also be closed.
These seemingly responsible moves give hope that FTX customers may yet be made whole
Stay tuned as we track FTX’s liquidity raise.
