In the light of Justin Sun's arrival as a new 'would be' FTX savior, TRX surges 4,000% on FTX

Key points: 

• TRX has temporarily surged around 4,000% on FTX, from 6 cents to $2.50, even as it trades at $0.06 on other exchanges. 
• Tron-based assets such as BTT, SUN, and JST have also surged. 
• The high price is a sign of hope — the hope that Tron-based assets will be redeemed 1:1 by Tron founder Justin Sun. 

The Tron network’s native TRX tokens have temporarily surged around 4,000% on the troubled cryptocurrency exchange FTX, from 6 cents to $2.50, even as they trade at $0.06 on other prominent exchanges like Binance and OKX point.

Tron-based assets such as BTT, SUN, and JST have also surged and, unlike at other exchanges, are traded with several multiplicators over on FTX.

This is not the result of repeated fat finger trades, nor is it that FTX traders are ecstatic about TRX.

The high price is a sign of hope — the hope that Tron-based assets will be redeemed 1:1 by Tron founder Justin Sun. At the time of writing, traders on FTX are unable to withdraw assets from FTX, and trading accounts are selling for pennies.

But TRX could be the way out for some cryptocurrencies.

Earlier in the day, Sun offered a “way forward” for FTX — which is doomed to bankruptcy — noting that an ongoing liquidity crisis would “hurt the industry and investors.”

Binance founder Changpeng Zhao was the first to acquire FTX, but the deal fell through after reviewing FTX’s books.

This comes after another Sun tweet yesterday. “We will do everything we can to protect our users, including exchanging all #TRX, #BTT, #JST, #SUN, #HT on the FTX platform at a 1:1 ratio,” he said.

The #FTX liquidity crisis has caused great concerns in our industry. My team and I are heavy-hearted to see how this crisis progresses. We will do everything we can to protect our users, including exchange all #TRX, #BTT, #JST, #SUN, #HT on the FTX platform at a 1:1 ratio.

- Justin Sun, 9 November.

Sun's game is about attracting and cashing out assets like Tron-based BTT and SUN, as well as Huobi's native HT token derived from FTX. The move allows major traders to liquidate some of their holdings while boosting sentiment towards the Tron ecosystem.

The mood quickly improved. Trading in TRX and related assets resumed on FTX during the Asian session on Thursday, with prices above $2.5. At the time of writing (hours after Sun's tweet), the price has corrected to 32 cents and is still trading 400% higher compared to other exchanges.