Tron Founder Justin Sun in Possible Talks to Acquire FTX

Tron Founder Justin Sun Working Towards Buying FTX Assets
  • The struggling exchange has now filed for bankruptcy.
  • Justin Sun has hinted that he would put some of his money into the possible purchase.

In an interview with Bloomberg on Friday, Justin Sun, Tron’s founder, said his team is doing due diligence on a possible purchase of FTX. The primary reasons for the move include ending the FTX liquidity issue and demonstrating industry solidarity.

To alleviate the present liquidity crisis, Justin Sun and Sam Bankman-Fried (SBF) have agreed to let FTX users withdraw Tron tokens first.

More Than $9 Billion Hole

The CEO of Tron, Justin Sun, is continuing talks with FTX regarding future plans, such as easing the cryptocurrency’s liquidity crisis or perhaps acquiring the company. The procedure is still in the works, so Justin Sun said he doesn’t want to raise anyone’s hopes.

After CEO SBF’s announcement to shut down Alameda Research, FTX investors and consumers are eager to learn the company’s future plans. The head of FTX was trying to drum up more than $9 billion from investors and competitors. However, the struggling exchange has now filed for bankruptcy.

When asked if he is exploring financing, equity alternatives, or a complete buyout, Justin Sun responded that safeguarding the cryptocurrency sector is his top concern. After FTX revealed it was experiencing a liquidity shortage and called out to Binance for assistance, the crypto market value dropped by over 10% in the previous few days.

However, Binance declined the offer. Justin Sun has hinted that he would put some of his money into the possible purchase. After exhaustive investigation and careful consideration of all relevant factors, however, a final judgement will be made. Justin Sun plans to begin his rescue mission by rescuing Tron consumers.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.