29 February, 2024



Huobi Will Exchange All Tokens 1:1 Even If FTX Can’t Be Withdrawn

1 year ago

01 Feb, 2024

Huobi, which is owned by Justin Sun, made an announcement today stating that even in the event that FTX cannot be withdrawn, the company would swap any TRX, BTT, JST, SUN, and HT tokens that are held on the FTX platform at a ratio of 1:1.

In their statement:

“The recent asset security worries caused by the FTX platform are worrying. Brother Sun sees it in his eyes and hurts in his heart. This matter has also expanded from a platform of FTX to an industry disaster, and will even affect the industry and the outside world in the future.”

It further explained that if the sector is experiencing difficulties, everyone in it should provide what little strength they have. Self-help is the only way out of the situation, and the way out is for regular people to get together in a group, offer each other warmth, and depend on each other’s limited strength.

“Here, after careful consideration, we have decided to permanently 1:1 rigid acceptance of all TRX, BTT, JST, SUN, HT tokens in the FTX platform.”

According to Huobi’s explanation, this choice is the industry’s effort to preserve itself from extinction. They will always provide the FTX platform with the highest amount of support and assistance possible, since this is in accordance with the interests of holders of TRX, BTT, JST, SUN, and HT tokens.

They also provide Binance with unwavering support for its due diligence efforts, investment in the FTX exchange, and potential acquisitions in the future. 

Furthermore, Justin Sun has said that Huobi completed a second merkle-tree roughly a month ago. However, he would love to do a third with CZ’s proposition. He believes that merkle-tree proof-of-reserves is critical to the crypto industry and openness.

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