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VI Some users FTX They can now withdraw their funds from the exchange, but only by handing over 80% of their portfolio value to the arbitrageurs.
Devil's plan
FTX has a "devil" rescue plan for some of its users.
Exchanges cryptocurrency Collapse has announced that they have reached an agreement with blockchain Tron to allow hodler TRX, BTT, JST, SUN and HT – the main coins of the ecosystem Tron – withdraw their tokens from FTX early this morning in Vietnam time.
FTX Announcement Regarding the Tron Credit Facility:
November 10, 2022
We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.
Rumors of Tron's involvement started circulating yesterday, and the official announcement spurred Tron tokens to skyrocket in price on FTX. At the time of writing, TRX is trading on FTX for $0.32, BTT for $0.00000382, JST – $0.17, SUN – $0.029 and HT – $29.8 , although prices are growing rapidly. These prices are deviating significantly from prices found outside of exchanges: on Binance, TRX is trading for $0.05 and BTT – $0.00000073 and above Huobi Global, JST – $0.023, SUN – $0.0057 and HT – $6.35.
This means that FTX users, if they wish to withdraw funds, must accept the purchase of Tron tokens from FTX with a substantial increase (540%, 423%, 639%, 408% and 369% respectively) compared to the price at which they have can sell them on liquid exchanges. In other words, they will only be able to withdraw from FTX if they voluntarily incur a loss between 78% and 86%.
Worse yet, it looks like Tron will only spend $13 million worth of FTX for the time being, meaning there is no guarantee that users will be able to withdraw their funds even if they buy tokens at exorbitant prices.
This plan clearly creates a huge arbitrage opportunity for any market maker with access to the FTX orderbook, as it allows them to buy “cheap” Tron tokens from exchanges. have liquidity and sell them to FTX clients at a much higher price. When that happens, Alameda Research – a trading firm founded by FTX CEO Sam Bankman-Fried – known for its arbitrage business.
In the end, the important thing is that FTX may be trying to partially cover the $9.4 billion loss in its balance sheet by forcing incarcerated users to hand over about 80% of their portfolios. for the arbitrageurs it has established (there is no guarantee that they will be able to withdraw their funds). Notably while FTX announced the Tron plan just an hour ago, five selected coins have been trading at higher prices since 05:00 or 06:00 UTC — depending on the token — or about 11 or 12 hours before the announcement.
Therefore, it would be quite natural to suspect that FTX is intentionally increasing the price of its tokens, which has provided a head start for insiders or both. Doubts are exacerbated when on-chain data indicates that some FTX users are allowed to withdraw funds through the network. Ethereum. It took more than two hours for the official FTX account to clarify that these withdrawals were enabled for some customers Bahamas according to the regulations of the country where FTX is headquartered.
