April 14, 2024

TRON Founder Hints at the Possibility of Acquiring Collapsing Crypto Exchange

During an interview in Bloomberg on Friday, November 10, 2022, the founder of the TRON blockchain network, Justin Sun, said that they are working out a way that can acquire the recently collapsing FTX crypto exchange.

This is coming after FTX announced that they had reached an agreement with TRON to allow FTX users to withdraw their “highly-priced” TRON tokens (TRX, BTT, JST, HT, and SUN) to other wallets — a process which has been confirmed viable as users have started withdrawing their assets into other wallets.

Justin Sun and Sam Bankman-Fried Are in Talks for the Future of FTX

Justin Sun and Sam Bankman-Fried, the CEOs of TRON and FTX respectively are reportedly in talks to help rescue or remedy the liquidity situation at FTX, as well as initiate a possible acquisition of the crypto exchange by TRON. 

In the last 2 days, a lot has happened with FTX and its CEO. Sam Bankman-Fried has called off operations at Alameda Research and is looking for funding of up to $9 billion from the crypto industry’s top players, and most of them have not obliged his request. One of the most recent was Changpeng Zhao’s Binance refusing to follow through on an initial agreement with FTX due to investigations and apparent mismanagement of funds.

Since then, SBF has been looking for funding opportunities and he made this in his recent statement online. Now Justin Sun has come up to back that claim saying that he is in discussions with SBF to see if TRON can intervene, stabilize the situation, and even acquire the exchange.

TRON Wants What’s Best for the Crypto Industry

During the Bloomberg interview, Justin Sun was asked what the plan was for FTX — was TRON looking to invest in offsetting debt, in equity options, or planning to take up full control? And he stated that TRON wants what’s best for the industry. 

Justin believes that the collapse of FTX has been detrimental to the unity and trust of users in the crypto industry. Over the last few days, the total crypto market capitalization decreased by 10% and many users have expressed their distrust of crypto companies and the industry on social media.

As a result, Justin believes that helping to solve the FTX crisis can be very beneficial, not just to TRON, but to the whole crypto industry. He further stated that there is no actual plan for acquisition in place yet, but believes that after proper evaluation and assessment of the situation, they can come to terms.

Do you believe that TRON can salvage what’s left of FTX, as well as acquire and build it back up?

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