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Tron’s native token (CRYPTO: TRX) has surged as much as 400% in just one day, as users struggle to withdraw funds from crypto exchange FTX (CRYPTO: FTT).
What Happened: This comes as an aftermath of the deal struck between H.E. Justin Sun, the founder of TRX and Sam Bankman-Fried, the co-founder of FTX. The deal allows holders of Tron-based assets such as TRX, BitTorrent (CRYPTO: BTT), JUST token (CRYPTO: JST), and Sun token (CRYPTO: SUN) to swap assets from FTX to external wallets.
See More: Best cryptocurrencies to hedge against inflation
At the time of writing, TRX was trading at $0.056, according to CoinMarketCap. However, the same token was trading at $0.29 on FTX. This means traders are paying high prices just to withdraw their funds from FTX.
BitTorrent, JUST and the Sun Token are trading on the exchange at premiums ranging from 625% to 1,200% compared to the market price.
Price Action: FTT is currently trading at $3.21, up 42% at the time of writing, according to Benzinga Pro.
