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Tron’s Justin Sun Joins Ripple in Eyeing FTX Assets

Tue, 11/22/2022 - 15:17
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Alex Dovbnya
Tron's Justin Sun is interested in acquiring the assets of the failed FTX exchange
Tron’s Justin Sun Joins Ripple in Eyeing FTX Assets
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Tron founder Justin Sun is interested in buying the assets of failed cryptocurrency exchange FTX, The Wall Street Journal reports.

The controversial entrepreneur said that he was open to “any kind of deal,” adding that his team is evaluating FTX’s assets one by one. 

Representatives of Tron and the Huobi exchange are currently in talks with FTX Group in the Bahamas, Sun added.

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One day before the embattled FTX exchange filed for bankruptcy, Tron agreed to set up a credit facility that would allow holders of TRX, BTT and several other tokens to remove their holdings from the platform.

Sun also signaled his willingness to provide FTX with billions when former CEO Sam Bankman-Fried was frantically seeking fresh funding for the exchange to avoid bankruptcy. However, the troubled company failed to secure a bailout, with investors refusing to put their money on the line.

FTX now owes roughly $3.1 billion to its biggest creditors, according to recently published bankruptcy court filings.

Tron is not the only company that is interested in picking over the carcass of the fallen crypto giant. As reported by U.Today, Ripple CEO Brad Garlinghouse also intends to acquire some of FTX’s assets. Ripple is also eyeing other companies that are part of FTX’s portfolio.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.