Huobi Will Exchange TRON Tokens in 1:1 Ratio if FTX Withdrawals Fail

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• Huobi and TRON will support the exchange of the TRON tokens deposited on the FTX platform.
• The exchange has decided to accept 1:1 for all TRON tokens.
• FTX CEO’s estimated personal wealth fell by roughly 94% to $991.5 million in a single day.

Exchange platform Huobi Global and the decentralized autonomous organization TRON DAO announced that they will exchange all TRON tokens in a 1:1 ratio. The exchange platform is providing voluntary support to its users who cannot withdraw their tokens on the FTX platform.

Justin Sun, the founder of TRON, pledged to do everything that they could to protect their users, in a tweet.

The #FTX liquidity crisis has caused great concerns in our industry. My team and I are heavy-hearted to see how this crisis progresses. We will do everything we can to protect our users, including exchange all #TRX, #BTT, #JST, #SUN, #HT on the FTX platform at a 1:1 ratio. https://t.co/eCh7YJlhpY

— H.E. Justin Sun (@justinsuntron) November 9, 2022

According to an official statement, the liquidity crunch at FTX has caused great concerns over asset security, which is causing panic among token holders. In the interest of the holders, Huobi and TRON DAO have decided to permanently allow their users to redeem their TRON tokens, namely TRX, BTT, JST, SUN, and HT held on FTX from Huobi and TRON platforms.

The team further announced that tokens will be exchanged in a 1:1 ratio, accepting all TRON tokens. Team Huobi stated that the main purpose behind the move is to safeguard the industry and protect the asset security of TRON token holders.

Amid the growing concerns around FTX’s liquidity crisis, several investors have flocked to withdraw all their Bitcoins (BTC) bringing the exchange’s balance to almost nil. Reportedly, BTC/USD experienced a sharp decline that recorded a low of $17,120 on Bitstamp, losing $2,000 in less than two hours.

In other news, Sam Bankman-Fried lost his name from the Bloomberg Billionaires Index after his estimated personal wealth fell by roughly 94% to $991.5 million in a single day. Notably, before the liquidity crunch, Bankman-Fried’s net worth was estimated at around $15.2 billion, however, $14.6 billion was wiped out overnight.

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