Justin Sun Evaluates Potential Purchases of FTX Assets
Justin Sun, a prominent cryptocurrency supporter, recently stated that his partner was looking into the possibility of buying assets from Sam Bankman Fried’s defunct FTX company.
“We are willing negotiate any type of deal,” Mr. Sun said to reporters in Singapore on Tuesday, that he believes all their options should be considered.
Read more: Justin Sun Hints At A Possible Partnership With FTX
He stated that
“Right now we are examining each asset one by one. But, from what I understand, the process will take a while because they are already going through this type of bankruptcy procedure.”
Justin Sun’s Exchange Play
Mr. Sun was responsible for the creation and operation of Tron, a cryptocurrency network. He also consults for Huobi Global’s digital asset exchange. Sun stated that the “right now our group is in the Bahamas” to have discussions with FTX. Later, he clarified that the statement was for representatives of Tron and Huobi as well as those from the Bahamas.
Recently, FTX decided that it would sell several business units and subsidiaries. Therefore, the company hired Perella Weinberg Partners, an investment banking firm.
Mr. Sun claims that the mistakes made by Mr. Bankman Fried will have an impact on the perception of cryptocurrency by regulators, institutional investors, as well as other parties. The failure of SBF will have a negative impact on the cryptocurrency industry in America.
Read more: Tron Founder Justin Sun Works With FTX To Resume Withdrawals
Justin Sun Eyes FTX Assets
Tron and Mr. Sun had been in discussions before FTX filed bankruptcy protection about how to protect Tron token holders. These discussions were held before FTX filed for bankruptcy protection.
CryptoQuant CEO Ki Young Ju raised serious concerns about the FTX/TRON deal. He cited it as illegal. He argued that this would only result in a price rise for the TRON token on FTX, Justin Sun being able sell them at a higher rate.
Is it not illegal?
1/ FTX permits withdrawals only for TRX and TRC20.
2/ Users can request withdrawals by exchanging assets to TRX.
3/ TRX goes up 50x in FTX.
4/ Justin deposits TRX into FTX, and then sells them.
5/ FTX users trade TRX in other exchanges at a significant loss. https://t.co/FKCV5IoGUu pic.twitter.com/91zrLugiuu
— Ki Young Ju (@ki_young_ju) November 10, 2022
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