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After the recent $114 million <a href="https://news.todayq.com/justin-suns-poloniex-vows-full-recovery-after-100-million-hack/">hack of Justin Sun’s cryptocurrency exchange Poloniex</a>, a recent report has caught everyone’s attention. Over the weekend, Tron’s native token (TRX) experienced a notable premium of up to 17% on Poloniex. This event has sparked interest among smart traders looking to capitalize on potential arbitrage opportunities. Arbitrage opportunity in TRX 
In case you are unaware of arbitrage trading, it simply means purchasing an asset on one platform at a lower price and selling it on another exchange at a higher price. Here, in the case of Poloniex, TRX was observed trading at $0.10561 on Binance, while on Poloniex, the price surged to $0.11005. This offered an arbitrage window, allowing traders to profit from the price difference. 
As of writing, TRX is trading near $0.1036 as per coinmarketcap data, and in the last 24 hours because of this recent price difference, it has given only 0.50% of upside momentum. Additionally, in the last 30 days, it has only given a minor 5.5% upside movement. This low movement in the rapidly surging cryptocurrency market might be due to the exploitation of Poloniex. 
Also Read: <a href="https://news.todayq.com/justin-sun-poloniex-raise-bounty-to-10-mln-for-hacker/">Justin Sun’s Poloniex raise bounty to $10 mln for hackers</a> 
However, the initial TRX’s 17% premium has since decreased to around 7%. Despite Poloniex’s recent hack, Tron founder Justin Sun assured users that “TRX withdrawals are open.” This move has allowed traders to engage in arbitrage, although it comes with a trade-off. 
Several assets on the Poloniex exchange can’t be withdrawn currently because of the recent hack that happened. Additionally, they are allowing withdrawals in phases, starting with TRX (a cryptocurrency). Withdrawals for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) will be allowed in the next few weeks. Justin Sun’s response and community assumption 
Some traders are still taking advantage of this TRX price difference between two different cryptocurrency exchanges, but they also need to be careful about the risk involved in this opportunity. Despite the risk associated with this arbitrage opportunity, some traders might think that the potential profits from this price difference are worth the risks. 
But it also needs to be understood that this event on Poloniex can create trouble for Justin Sun’s business. In November 2023, Sun’s business was already affected by a massive hack, and now the crypto community is wondering if this event on Poloniex was done intentionally. 
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Justin Sun’s Poloniex faces TRX premium post-hack fallout

Todayq News

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