Exploitation of unfortunate FTX Depositors forced to purchase Tron assets at Exorbitant Rates!!

Oh my God!!

I open FTX Exchange and this disclaimer comes, saying deposits are disabled but users of the Exchange will be able to swap their deposits 1:1 to external wallets if they hold any of these Tron Blockchain based assets - TRX, BTT, JST, SUN and HT.

https://ftx.com/

Crypto Briefing’s article says Tron’s Justin Sun has injected 13$ million into the Exchange, so FTX is helping out Tron in return forcing it’s stuck users who want to withdraw their deposits to buy Tron Network’s token assets at a premium.

Yes compare the prices of these tokens on FTX Exchange and Coingecko

TRX

Coingecko Price-: $0.00527060

FTX Price -: $0.3115225

BTT

Coingecko Price -: $0.000000710798
FTX Price -: $0.00001275

JST

Coingecko Price -: $0.022604205699
FTX Price -: 0.300435

SUN Token -

Coingecko Price -: $0.00527811
FTX Price -$ 0.0315945

Clearly, FTX users who want to withdraw their funds are forced to buy these Tron based tokens at a high price in FTX Exchange.

Notice that the prices of these tokens when trading are even higher in FTX, if you look at the 24 hour price high details.

https://ftx.com/markets

Food for thought…

So, is FTX making money by exploiting their depositors now???

Oh, yes… this is likely. Alameda Research deals in arbitrage trading and surely those sort of entities will be market makers in FTX, buying TRX tokens at dirt cheap rates elsewhere and then selling it to desperate FTX users whose deposits are held hostage in the exchange!!

(I have a mind to use so many swear words now against these cheats, swindling so many of us retail investors???. They are
Draculas, villain Crypto eating Draculas mind you!!)

Controversial Justin Sun as usual does something disgusting!!

Justin Sun, is no hero ofcourse, this great PR guy uses this kind of opportunity to increase sales of his various projects’ tokens and make money?. So damn sick and disgusting!!! Below the belt tactics of profiting indeed!!!

Brief updates on developments with the FTX trauma drama

Well, I would like to end my article here, but have to pour some updates. In my previous article I posted just the day before yesterday, I had mentioned Binance was acquiring FTX, but CZ backed away. FTX has about a 9.4$ billion hole in its balance sheet.

Soon, Justin Sun tweets saying he will help FTX and this is what happens???

Where is the business ethics???... What about the pain of us retail investors, that’s our hard earned money you despicable dracula leeches are heartlessly enjoying!!!

Urgent need for sensible regulation of the Crypto industry to safeguard investors

I wish, the authorities regulate the crypto industry to safeguard us retail investors instead of making things confusing and miserable for us.

Regulations should protect the interests of investors, not have them insecure about investing in crypto because authorities might ban it, or declare it as security tommorow according to their whims and fancies!!

Regulation is also not about over taxing crypto investors like the Indian Government authorities do, it’s about regulations that hold these crypto businesses accountable and punishable in courts if they misuse funds of investors and engage in fraud.

FTX misused customer deposits to save Alameda Research (it’s girlfriend)

I am not very clear in the details but FTX Exchange used the deposits of its customers to save Alameda Research when the crypto market fell and Three Arrows Capital became bankrupt. The spillover effect hit FTX Exchange but Sam Fried bankman covered up everything for a while, until events of last week that finally collapsed the FTX Exchange.

Right… Thanks for reading everyone, try to be safe in crypto out there and Happy Weekend!!