​HT rate on FTX rises by 581% after Justin Sun’s statement

What’s new? On November 10, the rate of Huobi Token (HT) on the FTX crypto exchange jumped by 581,89%, with the asset trading at $69 at the time. The value of Huobi exchange’s native token began to rise after a statement by a member of its global advisory board and TRON blockchain founder Justin Sun. He said that Huobi will help customers of FTX, which is currently on the verge of bankruptcy. The companies are working together on a refund plan.

HT price chart on FTX

What else did Sun write? After the collapse of FTX’s token, Binance CEO Changpeng Zhao urged exchanges to start publishing reports on the state of their reserves. Sun praised the initiative and added that Huobi was willing to provide a 1:1 exchange for TRX, BTT, JST, SUN, and HT tokens for FTX’s affected users if the platform could not do so itself. On November 10, Sun reported that trading of all designated tokens on FTX has been resumed. However, deposit and withdrawal functions are still unavailable.

Source: Twitter.co

According to Sun, FTX’s “ongoing liquidity crunch, despite short term in nature, is harmful to the industry development and investors alike.” He added that his team is working around the clock to prevent further deterioration. Sun stressed that the situation can be managed with a comprehensive approach in collaboration with partners.

Источник: Twitter.com

Binance CEO Changpeng Zhao also said that this situation undermines confidence in the industry and could be a reason to tighten crypto regulation. Binance later abandoned its takeover deal for FTX following due diligence. The company noted that the current situation leaves no possibility of helping FTX’s customers by providing liquidity.

What is going on with FTX? On November 5, the rate of FTX’s token began to decline. The reasons were the disclosure of a significant amount of FTT in the capital of an affiliate of the exchange, Alameda Research, and the subsequent liquidation of tokens by Binance. The situation also caused a massive outflow of deposits from the platform.

To find out what implications await the crypto market as a result of FTX’s collapse, see GetBlock Magazine’s article.