Yup.

Here is a simplified explanation:
- 2 blockchains: One where you spend it (on the legit blockchain, B1), one where you keep it (on the attacker's one, B2)
- During the attack, you deposit your funds on an exchange and withdraw BTC, LTC, whatever, something different than TRC, these transactions takes place on B1 but not on B2
- You broadcast B2 to reverse TRC transactions you did on B1, this is likely to succeed only if you have more than 51% of the network
- Unfortunately, all the others blockchains didn't reverse the transaction so you still have withdrawn BTC, LTC... and TRC

Time warp attack seems to block difficulty to a low level, so the blocks can be minted at very high speed.