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The Tron Foundation has released an update on the decision made yesterday to allow Tron (TRX) holders to withdraw their tokens from the OKEx cryptocurrency exchange. According to the foundation:
“Currently, TRON has helped 16 OKEx users to collect their TRX and the TRON Foundation has transferred a total of 9419739.963519 TRX, worth 247268.174 USD based on TRX’s CMC price at time of going to press, wallet addresses offered by these users at a 1: 1 “ratio.
OKEx blocked all withdrawals on October 16 during an ongoing investigation by law enforcement. Local reporters said the investigation could be linked to a Chinese government crackdown on money laundering.
In response, the Tron Foundation gave its users the option to withdraw the TRX held on their OKEx accounts on a 1: 1 basis. The foundation explained that users can transfer their tokens by opening the OKEx app and selecting “internal transfer “, which offers the ability to transfer to a Tron-affiliated email account and official mobile number.
“We will send the transferred TRX to the user specified TRX mainnet account within 12-24 hours. As the withdrawal will be done manually, there may be a delay in arrival,” writes the foundation. Verification of this transaction will apparently be done by Tron’s customer service.
Tron said its intention is to protect its users’ assets. The option appears to work as a 1: 1 replacement deal, raising doubts that users’ TRX equivalent held on OKEx will be frozen in exchange later on.
OKEx told Cointelegraph: “OKEx has not engaged in any talks with Tron and no such agreement has been entered into. We understand the inconvenience to our users due to the temporary suspension of withdrawals, however we have assured them that their resources are safe and normal service will get it back as soon as possible. “
In response to the announcement of the withdrawal process by Tron Foundation founder Justin Sun, members of the crypto community were welcomed the emergency intervention and those who expressed concern that the move was “something a centralized bank would do. “
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