FTX signs deal with Tron to let users swap some assets<br><br><br>

FTX signs deal with Tron

FTX signs deal with Tron to let users swap some assets

One of the largest cryptocurrency exchanges yet troubled today, FTX has announced to sign a deal with Tron, an agreement that will allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets. This functionality will be enabled at 18:30 UTC, November 10, 2022.

The exact capacity of the Tron Token facility will be determined weekly and future injections will occur at 14:00 UTC. The amount to be deposited will depend on a number of factors such as withdrawal demand and funding capacity to be provided by Tron. By providing a set schedule of the number of tokens to be introduced into the market and the corresponding time, our goal is to provide more clarity to the market allowing users to make better-informed decisions.

As part of this agreement, the firm will be disabling Tron deposits for all users during this period. The only deposits will be the pre-announced deposits conducted weekly by the Tron Team. Initially, $13,000,000 of assets will be deployed to facilitate such swaps.

The Bahamian cryptocurrency exchange has recently gone deeper into a liquidity crunch. Thirty-year-old CEO of FTX, Sam Bankman-Fried has seen the biggest fall of fortune and lost 94% of his wealth overnight. He is requesting emergency funding amidst the ongoing crisis.

Sam tweeted, “I’m sorry…I f**ked up twice.” He said, “Poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users’ margin,” and also took the blame for “poor communication”. This comes after Binance ended a deal to acquire FTX.