Tron Founder Justin Sun says he plans to bid for the tokens held by the FTX exchange. Sun states that it will do this to relieve sales pressure in the industry.
Bid initiative for FTX holdings from TRON founder!
Justin Sun hinted at his desire to bid for tokens and assets belonging to the bankrupt cryptocurrency exchange FTX. Sun sees this proposal as a way to reduce the holdings’ selling influence on broader crypto. In this context, Sun shared the following:
A proposal is being considered for FTX to hold the tokens and assets to reduce the selling impact on the crypto community. Let’s unite to strengthen our crypto ecosystem!
Meanwhile, cryptokoin.comA new court filing prepared for the meeting of creditors, which you follow from , shows that the assets of the bankrupt exchange are almost $7 billion. These consist of a $3.4 billion crypto portfolio that includes roughly $1.2 billion in Solana. These SOL tokens have become FTX’s largest crypto holding. Therefore, many community members are wondering what will happen to the crypto asset in case of heavy selling. Additionally, the filing highlighted that the crypto firm holds $560 million in Bitcoin (BTC) and another $192 million in Ethereum (ETH). For a full list of FTX’s crypto assets, check out this article. The Tron inventor’s exit also comes amid today’s FTX news-driven sell-off.
Former FTX executives own huge real estate assets
In addition, FTX owns 38 properties in the Bahamas, all valued at $199 million. Remarkably, the crypto firm was based in the Bahamas before it imploded almost a year ago. At this time it was just beginning to be included in Antigua and Barbuda. 15 of these properties in the Bahamas go by the name Albany Marina Residences. Additionally, he is worth $151 million and $34 million in 5 other properties.
Along with these real estate holdings, it was revealed that 46 FTX executives, including Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang and Caroline Ellison, received approximately $2.2 billion worth of cash, crypto, equity and real estate. The filing likewise shows that approximately $2.6 billion in cash has been secured since last year, when the exchange filed for bankruptcy protection and liquidation of its assets. While FTX’s financial transactions are its biggest challenge, Justin Sun is not free from complications either.
Is the financial power of the Tron inventor sufficient?
The financial transactions that shadowed Justin Sun’s acquisition of the Huobi exchange remain controversial to this day. Whether he has the financial wherewithal to finance the potential acquisition he is considering is a mystery. Besides this, what the industry needs to watch carefully now is to secure regulatory clearance.
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