Due to the unbearable pressure of the liquidity crisis, the encrypted trading platform FTX has suspended the withdrawal of coins.

Yesterday, Justin Sun, the founder of TRON and member of Huobi Global’s Global Advisory Committee, issued an article saying that Huobi and TRON DAO will permanently accept all TRON tokens (TRX, BTT, JST, SUN, HT) on the FTX platform at a rigid ratio of 1:1. Based on the form filled in by the user, we will coordinate with the FTX platform to reconcile the withdrawal of related tokens.

At 2:00 p.m. Beijing time today, Justin Sun released multiple tweets in succession, announcing that all TRON tokens on FTX are open for trading, and TRX token withdrawals are also open."image description"

(Tweet by Justin Sun)

As soon as the news came out, a group of users who were unable to withdraw cash turned to TRX and other tokens one after another, and the prices of all TRON tokens on the FTX platform soared. Among them, TRX rose up to $2.5, with a maximum increase of 3500%, and was temporarily reported at $0.33 as of press time; HT rose up to $69, with a maximum increase of 830%, and was temporarily reported at $32.

In addition, FTX founder SBF also revealed in a letter to internal employees that FTX is in contact with Sun Yuchen to seek financing. "This (fundraising) will be my top priority for the next week. As reported on Twitter, we've had talks with Justin Sun and details will be announced there."

image description

(opposition)

For example, user A deposits USD 10,000 in encrypted assets in FTX, converts them to TRX and withdraws them to other encrypted trading platforms, and can only exchange about USD 2,000 in assets - TRON tokens on other platforms and FTX The price difference is huge, and the discount is basically around 20%, as shown below:

At present, in some over-the-counter trading groups, the purchase price of USDT and other assets on FTX is also between 10% and 20% off. By TRON system“Compared with the "off-exchange withdrawal" solution, it seems that there is not much advantage in terms of the discount rate.

Some users also reported that the withdrawal of TRX on FTX has not yet arrived, and the page always displays "Withdrawal has been started", but no transaction hash is given. After Odaily personally experienced it on FTX, it still hasn't arrived after waiting for more than an hour.

In addition, although FTX currently suspends withdrawals, many users still maintain a high enthusiasm for trading with the mentality of "playing Happy Bean" and "gambling for a profit". From an operational point of view:

1. One is the off-market low-priced closing U mentioned above. These users believe that FTX can survive the crisis and reopen, just like exchanges such as OKX in 2020. But there is actually a clear difference between the two. FTX is facing a liquidity crisis this time and is insolvent. Even if it finds new investors to inject capital to save the market, it is difficult for user assets to be rigidly accepted in a short period of time.

2. The other is that some users buy TRX from other platforms and transfer it to FTX for sale (100 US dollars becomes 500 US dollars), and then open contract positions on FTX and other platforms at the same time, and carry out pair trading to get 500 US dollars out. The biggest risk of this set of operations is that there are fewer and fewer OTC assets and more and more FTX assets.

Currently, the FTX website now displays a disclaimer stating that "FTX is currently unable to process withdrawals and deposits are strongly advised not to be made". Odaily hereby reminds users to pay attention to investment risks and operate cautiously (whether it is OTC or deposited into FTX).