Founder of Tron Justin Sunwas the guest of Bloomberg channel. Sun explained that his team is doing research on the acquisition of the FTX exchange. He explained that the main purpose of the move is to resolve the liquidity crisis in FTX and to promote unity in the crypto industry. Here are key excerpts from the interview.
Justin Sun and Sam Bankman-Fried (SBF) announced a deal. FTX users are allowed to withdraw Tron to increase liquidity and temporarily resolve the current liquidity crunch.
Koinfinans.com As we reported, Justin Sun is still in talks with FTX about plans, including solving the liquidity crunch and potential acquisition. However, he also underlined that he did not want to give anyone any expectation since the process is still pending.
FTX investors and customers, CEO Sam Bankman-FriedHe wants clarity about the status of FTX after the announcement that ‘s will close Alameda Research. The FTX CEO has targeted over $9 billion in financing from investors and competitors.
Will Justin Sun Buy FTX?
Justin Sun answered the question of whether he’s considering debt, stock options, or a full takeover. Sun said that the priority is to protect the crypto industry. FTX announced that it was facing a liquidity crunch and asked Binance for help. This help cryptocurrency negatively received in the market. As a result, the market lost 10% of its value. However, Binance canceled the deal, citing mismanagement of user funds and alleged investigations by US authorities.
Justin Sun also stated that he can use his money for potential purchases. However, a final decision will be made once full due diligence has been completed and all cases have been considered.
As for the funds FTX needs to get out of its liquidity crunch, it doesn’t have the exact number. But he estimates it will be in the billions. Justin Sun tries to save Tron customers first and then deals with other issues.
However, he warned that the crypto market could collapse if FTX files for bankruptcy, damaging the confidence and trust of institutional investors.
The Bahamas Securities Commission has decided to freeze the assets of FTX’s subsidiary, FTX Digital Markets, and has appointed a temporary liquidator. Tron founder Justin Sun will work with regulators on the FTX crisis.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.