In addition to helping the FTX exchange find a better way out of this predicament, Justin Sun announced that they will assist all of his coins that are backed by the Tron network.
The well-known Proof-of-Stake blockchain network “Tron” was founded by Justin Sun. He also founded a number of cryptocurrency projects (exchange & coins).
Although he is no longer employed as a professional in the cryptocurrency industry, he still works with his team under his direction to advance inventions with higher levels of development. Justin currently works as a diplomat for Grenada.
When the FTX cryptocurrency exchange started to fail, Justin Sun made the following announcement: “Even though the FTX exchange will not permit withdrawal, Huobi & Trondao crypto exchanges would assist to withdraw the tokens in 1:1 form from the exchange.”
During that time, despite the sharp decline in the prices of other assets, TRX and other coins of the founder of Tron were able to maintain a substantial level of stability.
On November 10, Justin declared that the present liquidity crisis FTX is experiencing is very negative for cryptocurrency investors and also for the future of this cutting-edge industry.
The founder of Tron stated that despite being temporary in nature, the prolonged liquidity shortage is detrimental to both investors and industry growth.
Justin reaffirmed in the same tweet thread that his staff is actively working to assist the FTX exchange resolve this issue. Additionally, he added that he thinks the matter is still in a stage that can be managed.
Even if it is just temporary, Justin Sun claimed in a tweet that the continuous liquidity shortage is detrimental to both investors and industry growth.
He added that his staff has been working nonstop to stop the situation from getting worse. He expressed his confidence in their ability to address the matter by taking a holistic approach with their partners.
The price of TRX, a native token of the Tron network, is currently $0.05515 and is just 10% lower than its trade price during the previous seven days.
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