The Tron Foundation and the founder of the network itself, Justin Sun, have announced that they will permanently honor all Tron-related cryptocurrencies stuck on trading platform OKEx. The decision follows 15 days of blocked withdrawals of any digital assets from the exchange.
The Tron Foundation claims that, regardless of how the situation develops, it will continue to honor “TRON Family” (TRX, BTT, JST, and SUN) tokens at a 1:1 ratio. The announcement follows earlier efforts to help Tron users claim their holdings from the platform.
Tron Foundation Offers Permanent 1:1 Support for Tokens Held on OKEx
The exchange made the decision to block access to user funds following the arrest of one of its founders. The arrest is believed to be related to a Chinese regulatory crackdown on money laundering. Despite the platform assuring users that funds are safe, investors remain forced to custody their holdings at OKEx.
In response to the block on withdrawals, the Tron Foundation announced a manual withdrawal option of sorts on Oct. 21. Tron supporters with assets trapped were able to internally transfer their holdings to a Tron-affiliated user account, and the Tron Foundation would send tokens to an address of the holders’ choosing.
The organization has since expanded on its earlier commitment. In a Medium post published today, it stated that it would permanently honor all “TRON Family” tokens at a rate of 1:1.
It has been 15 days since @OKEx announced the withdrawal suspension on October 16.
This incident has escalated from a decision of a single trading platform to the turmoil of the entire industry, and may even affect the industry's future direction.https://t.co/AXDKxyCbub
— Justin Sun
(@justinsuntron) October 31, 2020
Tron Foundation to Honor Tokens With or Without OKEx’s Support
The initial internal system for supporting Tron holders relied on OKEx’s own support. Today’s announcement pledged ongoing support regardless of the outcome of the ongoing OKEx saga.
Sun wrote that numerous pleas for help from holders had prompted the decision. He added:
“The team and I are extremely upset to see how the situation has developed so far.”
While the initial withdrawal freeze saw cryptocurrency prices slump, the selloff was brief. The bitcoin price has actually risen by more than 25% over the course of this month.
Such price performance is a testament to the industry’s increasing maturity. It seems that the days where drama at a major exchange could trigger a lasting sell-off are well and truly behind us.