Tron's TRX Jumps 140% Amid 1:1 FTX Redemption of Tron-Based Tokens

FTX announced that Tron-based assets could be moved to external wallets.

AccessTimeIconNov 10, 2022 at 7:26 p.m. UTC
Updated Nov 10, 2022 at 7:41 p.m. UTC

TRX, the native token of the Tron network, surged over 140% on cryptocurrency exchange FTX, from 12 cents to 29 cents after Tron founder Justin Sun agreed to move Tron-based assets from FTX to external wallets.

“We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of tron (TRX), bittorrent (BTT), just (JST), sun (SUN) and huobi token (HT) to swap assets from FTX 1:1 to external wallets,” FTX tweeted Thursday.

Holders of those tokens can redeem their assets starting at 18:30 UTC (1:30 pm ET), FTX said.

“We hope this is just step one: beginning to find ways to bring liquidity to users,” FTX founder Sam Bankman-Fried said on Twitter. “That is the core thing that I am fighting for right now, and will continue to fight for in whatever ways I can.”

On Wednesday, TRX momentarily jumped 4,000% to a 24-hour high of $2.50 on speculation that Tron-based assets would be redeemed on a 1:1 basis by Sun, but fell back to near zero levels later in the day.

Tron had its own issues Wednesday evening when the network’s algorithmic stablecoin USD (USDD) slid below its peg and fell as low as 97 cents on multiple crypto exchanges. USDD was recently trading at 98 cents. Stablecoin competitor tether (USDT) also lost its peg briefly and dropped to 97 cents, but has rebounded since.


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Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.