Without giving more details on his rescue plan, Justin SUN, the founder of TRON, says he wants to do everything possible to save investors from FTX since the implosion of the exchange. He evokes a collaboration with the platform.
Will Justin Sun collaborate with FTX?
The price of FTT has fallen more than 85% this week alone. The founder of FTX, he lost his billionaire status on November 8 when he claimed that everything was fine 24 hours earlier. Faced with the critical situation of the exchange and the deplorable fate of investors on TFX, the founder of TRON, Justin SUN, declared on November 9 that he wanted to protect them.
He talks in particular about holders of tokens linked to TRON (TRX, BTT, JST, SUN, HT) with funds in FTX. On Twitter, his statements remain vague. He nevertheless mentions a possible partnership with the exchange plagued by liquidity problems. We are waiting to see concretely what SUN will propose. But as of this writing, he hasn’t provided any additional details.
A critical situation, an uncertain outcome
FTX’s current liquidity crunch is detrimental to the crypto industry and investors alike. Binance’s announcement of wanting to acquire its competitor seemed like a providential solution for Sam Bankman-Fried, the founder of FTX. Unfortunately, Binance abandoned this takeover plan. The fate of FTX is more than uncertain. Members of the crypto community are already talking about a remake of the Do Kwon story with the LUNA crash last May.
Even with Justin’s proposal SUN, the situation remains critical. Especially since some experts suspect a simple marketing stunt on the part of the founder of TRON. Reason why he remains so vague in his declarations, they say. In any case, with or without the help of SUN, FTX would need 8 billion dollars to be able to emerge, half of which would allow it to remain solvent.
This situation has a significant impact on the industry. The market has seen a significant price drop which is mainly due to increasing selling pressure. Case to follow.
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