The native token of the Tron blockchain, TRX, reached a excessive of $2.50 on FTX after merchants rushed to buy it hoping that it’d be a technique to fetch cash out of the bancrupt crypto alternate.

In a tweet on Wednesday, Tron founder Justin Solar said his crew has been “working around the clock” to assign together a resolution for FTX to “provoke a course ahead.”

At the time, it became as soon as unclear whether or no longer Solar’s proposed resolution would possibly perchance presumably be exclusively for Tron token holders on FTX or the alternate’s entire user rotten. In a apply up tweet later in the day, Solar launched that TRX trading had resumed on FTX and a withdrawal feature became as soon as in the works.

Quickly after trading process resumed, the worth of TRX briefly surged 4000% from $0.06 to $2.50 on FTX. At the time of writing, TRX became as soon as quiet trading at a fundamental top rate of $1 on FTX, 1,500% increased than its tag on Binance and totally different crypto exchanges.

As of 4:30 am ET, user withdrawals had quiet no longer been enabled. Quiet, users who held a appreciable quantity of sources on FTX piled into TRX market buy-orders.

Whether or no longer TRX can certainly be a lifeline for FTX users depends on Justin Solar making correct on his phrase to let them redeem TRX and linked tokens on a 1:1 basis.

Market contributors are skeptical, on the opposite hand, with orderbook prognosis from Cloth Scientist suggesting it became as soon as a long way from doable to take in $1 billion worth of sell stress that can presumably come up.

Within the period in-between, some merchants pointed to the irony of the field surrounding the TRX top rate on FTX.

“Alameda can actually buy tron starting up air of FTX and sell it on FTX fair now at that huge 10x top rate,” tweeted one crypto dealer on Thursday.