The Tron Foundation will permanently honor “TRON Family” tokens blocked on OKEx.
The popular trading platform still does not allow users to withdraw cryptos
The blocking of withdrawals follows the arrest of one of the exchange’s founders earlier this month.
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The Tron Foundation and the founder of the network himself, Justin Sun, have announced that they will permanently honor all Tron-related cryptocurrencies blocked on the Bitcoin Storm trading platform. The move follows 15 days of blocked withdrawals of any digital asset from the exchange.
The Tron Foundation says that regardless of how the situation develops, it will continue to honor the “TRON Family” tokens (TRX, BTT, JST and SUN) at a ratio of 1: 1. The announcement follows on from previous efforts to help Tron users claim their holdings on the platform.
1: 1 permanent assistance
As BeInCrypto previously reported, the popular OKEx cryptocurrency exchange is in hot water with regulators. Withdrawals from the platform have been suspended since October 16 .
The exchange made the decision to block access to user funds following the arrest of one of its founders. The arrest is said to be linked to a Chinese regulatory crackdown on money laundering. Although the platform assures users that funds are safe, investors remain obligated to keep their holdings with OKEx.
In response to the blocking of withdrawals, the Tron Foundation announced some sort of manual withdrawal option on October 21. Tron supporters with trapped assets were able to internally transfer their holdings to a user account affiliated with Tron, and the Tron Foundation would send tokens to an address chosen by the holders.
The organization has since expanded its previous engagement. In a Medium article published today, he stated that he would permanently honor all “TRON Family” tokens at a rate of 1: 1.
This incident has grown from a decision of a single trading platform to turmoil across the industry and may even affect the future direction of the industry.
Tokens will be honored with or without the support of OKEx
The initial internal Tron incumbent care system relied on OKEx’s own support. Today’s announcement promised continued support regardless of the outcome of the ongoing OKEx saga.
The message indicates that the Tron Foundation alone made the decision to honor the assets held on OKEx. He added that he would continue to do so without „recognition or support“ from the exchange. In this respect, it differs from the previous announcement.
Sun wrote that numerous appeals for help from holders prompted the decision. He added:
„The team and I are extremely upset to see how the situation has developed so far.“
While the initial block of withdrawals saw cryptocurrency prices plummet, the sale was brief. The price of bitcoin has actually risen by over 25% during this month.
Such price performance is testament to the growing maturity of the industry. It seems like the days when the drama of a major trade could spark a lasting sale are well and truly behind us.