TRON’s Justin Sun Working With FTX To Create A Solution
TRON Founder Justin Sun To Work With FTX To Help Investors!
Helping TRON Investors
In a recent tweet that has since been retweeted by FTX CEO Sam Bankman-Fried, Tron founder Justin Sun announced that he is working with the crypto exchange to help a group of crypto investors amidst it’s current collapse.
Despite FTX recently announcing its current liquidity crunch and halting withdrawals for an undisclosed amount of time, both Justin Sun and FTX are working together to find a solution to exclusively help holders of Tron-related tokens like TRX, BTT, SUN and more.
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022
Related: FTX CEO Says The Firm May Face Bankruptcy If it Does Not Get Cash Injection
“The ongoing liquidity crunch, despite short-term in nature, is harmful to the industry development and investors alike.” Sun tweeted.
“My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the holistic approach together with our partners. Stay tuned.”
FTX’s Current Situation
Aside from retweeting Sun’s tweet, FTX CEO Sam Bankman-Fried has yet to say much else about the current situation surrounding his exchange and its liquidity crunch.
Just earlier today, Binance announced the cancelation of their FTX.com acquisition, citing that FTX’s current situation was “beyond their control or ability” to help.
The number one crypto exchange also further explained that they made the final decision to avoid the acquisition due to the fact that they would prefer to avoid dealing with FTX’s “mishandled customer funds” and regulators probe.
Related: The Reason Why Binance Back Off Deal to Buy FTX in Less Than 48 Hours
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022
With Binance backing out of the acquisition, this leaves FTX in a tough situation with a massive liquidity crunch and seemingly no way to provide investors their funds, with SBF himself saying that FTX may have to file for bankruptcy if the exchange does not receive a fund injection.
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