Tron-based tokens like JUST (JST) (1) have increased by up to 1000% on FTX as users try to figure out how to get access to the exchange's locked-up liquidity. According to CoinGecko (1), Tron's native token, TRX is currently trading at about $0.33 on the FTX exchange, more than five times its current market price.
The current situation
The exchange is currently trading BitTorrent (BTT), JUST (JST), and the Sun Token (SUN) at premiums ranging from 525% to 1,196% over the market price. The current state of the prices is extremely volatile and rapid changes. Following a contract reached on November 10 that permits owners of assets like TRX, BTT, JST, and SUN to withdraw money, there has been an overinflation of tokens associated with Tron. Due to this action, traders on FTX have bought up the price of tokens associated to Tron to recover their frozen cash. However, if they decide to sell the tokens on another exchange after purchasing them at the inflated price, they would probably incur substantial realized losses.
A few withdrawals
Customers in the Bahamas, where the firm is situated, are believed to be the only ones who can withdraw from the exchange, according to FTX's website, which states that it is now unable to process withdrawals. By stopping withdrawals, subsidiary FTX.US has also hinted that it would soon take the same course. FTX disabled new deposits of assets based on Tron as the withdrawals became live, which is also important to note.
On November 11, Twitter users speculated that FTX could be able to avoid the Bahamian loophole in particular by paying a local to acquire a low-cap asset on FTX, sell it to the overseas user, and then pay the Bahamian to "withdraw the gains" for them. The Bahamas' Securities Commission (SCB) (3) seized the assets of FTX Digital Markets (FDM) and "associated parties" on November 10 and banned trading in those companies, raising questions about their viability.
