Altcoins

Tron Fdn. To Compensate TRON Community in OKEx Worst Case Scenario

Summary:

  • Justin Sun and the Tron Foundation have pledged to honor all Tron based tokens still stuck on the OKEx exchange
  • This includes TRX, BitTorrent (BTT), Just (JST) and Sun (SUN) tokens
  • It has been over 2 weeks since withdrawals of all digital assets were suspended at OKEx
  • The move by Justin Sun and the Tron foundation is meant to shield the Tron investor community from all possible outcomes of the OKEx saga

Justin Sun and the Tron Foundation have pledged to recognize and honor all Tron based digital assets stuck on OKEx at a one-to-one ratio.

Tron Foundation to Compensate Investors in the Worst-Case Scenario

What this means, is that Mr. Sun and the Tron Foundation will compensate TRX, BitTorrent (BTT), Just (JST) and Sun (SUN) investors in the event their funds cannot be accessible permanently on OKEx.

The decision to do so was an independent one from the OKEx exchange and is meant to shield the Tron investor community from the worst-case scenario whereby the aforementioned tokens are stuck forever on OKEx.

If this turns out to be the case, the Tron Foundation has explained that it will compensate investors with its own capital.

TRON Foundation promises permanent unilateral 1:1 acceptance of TRON tokens including TRX, BTT, JST and SUN. TRON Foundation will honor the payments with its own capital without recognition and support from OKEx.

 

No Bad Blood Between the Tron Foundation and OKEx

Additionally, the Tron Foundation has clarified that they mean no harm to OKEx and will continue supporting the crypto exchange.

…the decision marks our endeavor to revive the industry from within. For the sake of vast holders of TRON-based tokens including TRX, BTT, JST and SUN, we will always go all out to support OKEx, which is one of the earliest platforms to support both TRON and TRON Futures.

As the project team, we will continue to support the growth of OKEX, and look to the day when it gets back on its feet and restores the glory again. The industry only survives if we unite.

OKEx Update on Withdrawals

At the time of writing, withdrawals at OKEx are still suspended as per the following tweet by the team at the exchange. This means that it has been over two weeks of waiting for traders and investors who use the OKEx exchange.

Update Oct 28 (1/2):

Withdrawals from OKEx are still temporarily paused. User fund security is our top priority & all user funds remain safe & unaffected. We are working hard to resume withdrawals. Please check this article for further updates: https://t.co/CAR6ngDbNO

— OKEx (@OKEx) October 28, 2020

   

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