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TRON-Based Tokens Trading At 1200% Premium As FTX Users Rush

  • TRON-based tokens trading at a premium of more than 1200%.

  • The JST token in particular commands a premium of over 1,200%.

  • BTT and TRX have both risen by at least 500%.

11-Nov-2022 By: Divya Behl
TRON-Based Tokens Tr

Tron-based tokens such as JUST (JST) have increased by up to 1000%

On FTX as users seek to discover ways to extricate locked-up liquidity from the troubled exchange.

Tron's native token TRX is currently trading at over $0.33 on the FTX platform, more than five times its current market price, as per reports.

Meanwhile, BitTorrent (BTT), JUST (JST), and the Sun Token (SUN) are selling at premiums ranging from 525% to 1,196% over the market price on the exchange. Prices are currently extremely volatile and constantly fluctuating.

The overinflation of Tron-related coins follows a November 10 agreement that permits holders of assets such as TRX, BTT, JST, and SUN to withdraw funds.

This has resulted in traders on FTX bidding up the price of Tron-related tokens in order to reclaim their locked funds. However, purchasing the tokens at the inflated price will most certainly result in significant realized losses if they then sell them on other exchanges.

Limited Withdrawals

As per FTX's website, the exchange is now unable to process withdrawals, with users in the Bahamas, where the company is located, believed to be the only ones who may withdraw funds.

Subsidiary FTX.US has also indicated that it may soon follow suit by suspending withdrawals.

It is also worth mentioning that once withdrawals were available, FTX disabled new deposits of Tron-based assets.

On Nov. 11, Twitter users speculated that FTX users might potentially avoid the Bahamian loophole in particular by having a local resident acquire a low-cap asset on FTX, have them dump it on the overseas user, and then pay the Bahamian to "withdraw the gains" for them.

However, the practicality of such an arrangement appears to be in doubt, given that the Bahamas Securities Commission (BSC) reportedly seized the assets of FTX Digital Markets (FDM) and "associated parties" on Nov. 10 and halted the firm's registration in the country.

Read also: Ripple vs SEC: XRP Lawsuit Gains Support

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