Tron Alert: Transfer Your TRX or Risk Losing It All
Update: Tron has released further details on how to prepare for the mainnet launch. You can check them out here.
Tron just released a crucial update on its upcoming mainnet launch. The platform is set to migrate off of the Ethereum blockchain on May 31, and if you don’t prepare you could lose your investment.
To ensure your tokens are successfully transferred to the new blockchain, Tron Labs requires they be moved to a well-known exchange that is preparing for the migration:
“For token holders, with your ERC20 tokens saved to cryptocurrency exchanges (the only required operation on your part), further operations for token migration will be automatically completed for you in due time.”
Anyone holding their tokens on MyEtherWallet or the Ledger Nano S would be wise to move their tokens onto an exchange, until and unless Tron announces support for either wallet.
As long as your coins are on an exchange, such as Binance, it appears you’re good to go.
#TRX $TRX Migration Notice, the migration from ERC20 tokens to TRX, the cryptocurrency on Tron’s public blockchain, will begin on June 21,2018 (GMT+8). @justinsuntron #TRONhttps://t.co/lcMu6QmrzA
— Tron Foundation (@Tronfoundation) April 15, 2018
After May 31, ERC20 transactions will no longer be valid, and TRX will only be supported on the new public blockchain.
Update: This article has been updated to reflect the new launch date for Tron’s mainnet, May 31.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Comments 7
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Mark
Jun 9, 2018This is a really bad thing ongoing. We buy (or get airdrop or bounty) tokens on MEW, MetaMask or other own wallet and then they launch mainnet and our tokens become worthless. I can’t constantly monitor my 200+ tokens for any mainnet activity and some amounts are too small to make sense to move to exchanges and some are not even on exchanges yet … So what would you suggest? Is there any tool to give me automated warnings or so?
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DG
Jul 24, 2018Same here. I wasn’t monitoring because of a long term hodl. Then we get punished because of a short migration window. Shady.
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yap kah Liong
Apr 26, 2018Will they support bitrex?
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Edward Mumpower
Apr 23, 2018I’m on travel until May 19. Will I have time to move TRON off my ledger?
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Serhan
May 26, 2018hmmm, what?
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Jackson Yuen
Apr 16, 2018Will they support HitBTC?
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Mark
Jun 9, 2018HitBTC has been a support nightmare lately. For the EOS token migration there was no feedback even on the last they before erc20 shutdown. So I moved all my EOS to Binance 1 day before closing.
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Comments 7
Mark
Jun 9, 2018This is a really bad thing ongoing. We buy (or get airdrop or bounty) tokens on MEW, MetaMask or other own wallet and then they launch mainnet and our tokens become worthless. I can’t constantly monitor my 200+ tokens for any mainnet activity and some amounts are too small to make sense to move to exchanges and some are not even on exchanges yet … So what would you suggest? Is there any tool to give me automated warnings or so?
DG
Jul 24, 2018Same here. I wasn’t monitoring because of a long term hodl. Then we get punished because of a short migration window. Shady.
yap kah Liong
Apr 26, 2018Will they support bitrex?
Edward Mumpower
Apr 23, 2018I’m on travel until May 19. Will I have time to move TRON off my ledger?
Serhan
May 26, 2018hmmm, what?
Jackson Yuen
Apr 16, 2018Will they support HitBTC?
Mark
Jun 9, 2018HitBTC has been a support nightmare lately. For the EOS token migration there was no feedback even on the last they before erc20 shutdown. So I moved all my EOS to Binance 1 day before closing.