Justin Sun He is one of the most discussed and talked about names in the crypto world for a while. Sun did not hesitate to support even in the collapse of FTX-Alameda Research. This support was rewarded by FTX. TRON rose 387% in the face of this development, but there is a critical detail.
Koinfinans.com As we have previously reported, the collapse in FTX and Alameda Research resulted in the exchange stopping trading. Justin Sun, on the other hand, tried to support FTX in this collapse, and this support was rewarded. The exchange has recently started allowing for withdrawals of assets, but this comes at a cost.
Want to Profit with Justin Sun and FTX TRON?
FTX to save traders on November 10 TRON announced that it has reached an agreement with This plan is based on the remaining assets in the stock market. TRON (TRX), BitTorrent (BTT), JUST (JST), sun (sun) and Huobi Token (HT) It will allow them to exchange 1:1 value with TRON ecosystem assets such as
Under the deal, Tron added $13 million worth of assets to the exchange to allow users to swap their assets. This led to the value of the aforementioned tokens sold at a premium on FTX, with TRX rising as much as 4,126% on Nov. The intrinsic value of the asset is trading near $0.056 on other exchanges, including Binance.
This value means that the altcoin is 387% above the market value. This rise came after the news that users who want to remove their assets from FTX should convert to TRON.
But when users swap their TRX on a 1:1 ratio, the value of their assets will decrease significantly. This is because when they try to sell TRX on other exchanges, the price will only be around $0.17.
Therefore, traders will lose either way. It won’t change much as they trade and sell their assets on other exchanges or wait for FTX.
Of course, it will be FTX, Alameda Research and Justin Sun who profit from these price “pumps”. Both the pumped price and the increased commission profit will make a big profit.
Traders who want to arbitrage this opportunity by selling TRX on FTX can make a profit. But their profits will remain on the exchange as withdrawals are paused. As a result, you should not use such a risky tactic. A certain level of damage would be a much more meaningful choice than a total loss.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.