FTX Insolvency: How to withdraw your assets from FTX?

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FTX Insolvency: How to withdraw your assets from FTX?

In these moments of desperation people need a lifeline. The lifeline of the day appears to be Justin Sun, as he will provide the energy and capital to let (some) people exit the insolvent international exchange FTX. 

Tron ‘special’ agreement

Justin Sun announced earlier this day to stand behind its own projects, namely Tron – TRX and Bittorrent – BTT, Just – JUST, Sun Token – SUN and Huobi Token – HT. This way he wants to help duped retail that are stuck on FTX and cannot withdraw their funds. 

So Tron wants to facilitate holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets starting from 18:30 UTC, November 10, 2022

The broken exchange FTX proposes that it will cooperate with the Tron Token facility that will determine weekly injections (of $13,000,000 of assets) to be deposited to facilitate such swaps. Later injections will depend on a number of factors such as withdrawal demand and funding capacity provided by Tron. 

Justin Sun Bored Ape
Justin Sun Bored Ape

How to withdraw assets from frozen FTX?

Although nothing is certain and in place, the proposition of FTX and Tron foundation could be a lifesaver for few FTX users. Also the amount of  $13,000,000 won”t cover the deep holes FTX (allegedly 6 billion) has created. But it is worth a shot. 

If you are a duped FTX user you can try to; 

→ Sell your assets into USD, USDT

→ Buy TRX 

→ Withdraw TRX 

→ Sell TRX back

FTX Tweet

Price diversion on FTX

Meanwhile the price of Tron – TRX and Bittorrent – BTT has gone 5x (on FTX) because of the news. As users are buying TRX, BTT, JUST and SUN because it’s (currently) their only hope to exit FTX. This price diversion will mean a haircut for the people who manage to withdraw and sell their tokens for a fraction of the purchasing price.

Take note, this tactic of Justin SUN and the intervention of tron could be a way to pump his own bags. Will it happen or not, that’s the question. If you want to anticipate bullish or bearish momentum, you can do so on Bybit.

Tron and BTT on FTX
Isolated price of TRON and BITTORRENT on FTX

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