Petition to restore TFX tokens to minimum USDT value with immediate effect
16th January 2023
TRIUMPH INT. (SC) LIMITED and
TRIUMPH INT. (CYPRUS) LIMITED
This letter serves as a petition for your consideration to restore the TFX tokens at minimum value against USDT with immediate effect. This petition is being presented collectively by the IB Clients and Leaders based on observations since the launch of TFX tokens.
Some statistics we present are as follows:
- Initial purpose of free market of TFX: Since August 2022, majority of investors were unable to withdraw their profits. TFXI has explained the reason is due to the USD10 mil daily cap placed by banks. Assurances were given by TFXI that with the launch of TFX tokens, this would ease withdrawal bottlenecks. However, the matter has been exacerbated by the drop in TFX coin value. This has added extreme pressure upon investors who have not been able to withdraw for almost 6 months
- Live TFX prices are controlled by merely a small group of traders, but impact almost all IBs
- The daily Par buyback by broker only adds another layer of frustration as majority are not successful and those who do succeed only receive a fraction of their request. On average only 30,000 investors receive a small 1 - 10% of what they wanted to sell. The buy window is over in 3 seconds on average. This is unsustainable, it does not satisfy the needs of the investor and there is no real benefit for the effort applied
- On average USD1 billion gross profit is generated per month by FMs, equating to 1 Billion TFX tokens. Assuming 50% are re-invested, the balance are pending withdrawal. As long as the TFX token value is below par, the Par buyback is limited to only 200 million TFX per month. Thus the withdrawal queue is causing a massive pile-up and dangerous investor backlash
- On 5th January 2023, the management intervened and froze the top 500 leaders’ accounts until TFX price has reached 0.80 USDT, supposedly with the blessings of a few top matured leaders. With management intervention of free market, it defeats the initial purpose of free market of supply and demand
Petition for TFX to be traded at minimum 0.80 USDT
We urge the management to set a minimum sell price for TFX/USDT at 0.80 across ALL accounts, as oppose to the current policy 0.80 USDT floor price for only top 500 leaders. This option allows TFX/USDT to be traded above 0.80 USDT but not below 0.80 USDT.
Our petition is floor value to be set for a period of 24 months and then fully float TFX token based on a matured and duly tested TEX platform.
- Restore leaders' confidence - leaders are spending 99% of their productive time fire-fighting with current clients instead of generating new AUM,
- Restore investor confidence,
- Reduce the pressure for broker Par buyback,
- Allow investors to withdraw urgently needed capital,
- TFX be recognised as more of a stable coin since the broker and TFX holders no longer see the benefit of a free market, the free fall of TFX value, and erosion of investor confidence,
- Divert the massive queue from Par buyback to TEX platform,
- Allow the IT team to test the TEX systems adequately, and
- Discourage TFX holders from undercutting outside of TEX platform, although there will still be those willing to sell lower at 0.20 or 0.70 to buyers via internal transfers
We request an immediate dialogue with the management to address this critical matter.
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