FTX Enables Withdrawal of Certain Tron Tokens
- FTX has allowed withdrawals for TRX, BTT, JST, SUN, and HT after reaching an agreement with Tron, which provided $13 million worth of assets to facilitate such swaps.
- Additional funding for such swaps will be provided on a weekly basis at 14:00 UTC, with the amount injected based on factors such as withdrawal demand.
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Troubled crypto exchange FTX has reached an agreement with Tron to enable withdrawals for holders of TRX, BTT, JST, SUN, and HT, the company said via Twitter on 10 November.
According to the announcement, the deal provides a credit that will allow holders of these tokens to swap assets from FTX 1:1 to external wallets starting 18:30 UTC today. The Tron team initially deployed $13 million worth of assets to facilitate such swaps, but revealed that it will provide additional funding on a weekly basis. FTX CEO Sam Bankman-Fried (SBF) tweeted:
While exact figures for future capital injections were not given, they will be determined on a weekly basis by the team — based on the a number of factors, such as withdrawal demand — and deployed at 14:00 UTC. As part of the deal, FTX has disabled Tron deposits from all users. FTX wrote in its announcement:
“By providing a set schedule of the amount of tokens to be introduced into the market and the corresponding time, our goal is to provide more clarity to the market allowing users to make better informed decisions.”
- The New York Jurors took 4 fours of deliberating before pronouncing the former FTX CEO guilty of all seven charges of fraud and conspiracy to commit fraud.
- Bankman-Fried will now have to appear in court on 28 March, 2024, where he will face a potential maximum sentence of 115 years in prison.
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
- Joseph Pimbley, a member of litigation consulting firm PF2 Securities, will try to rebuff testimonies from Caroline Ellison, Gary Wang, Nishad Singh, and Adam Yedidia.
- During his testimony Pimbley will try to establish a timeline for the FTX-Alameda line of credit, and convince the jury it fluctuated between $1 billion and $3 billion between 2021 and 2022.