Justin Sun, a prominent supporter of cryptocurrencies, recently stated that his partners were investigating the possibility of purchasing assets from Sam Bankman-Fried’s defunct FTX enterprise.
“We are willing to negotiate any kind of a deal.” Mr. Sun told reporters in Singapore on Tuesday that he believes all of their potential choices should be considered.
Read More: Justin Sun Hinting At A Potential Partnership With FTX
He stated,
“Right now, we are examining assets one by one; but, as far as I understand, the process is going to take a long time given that they are already going through this kind of bankruptcy procedure.”
Justin Sun’s Exchange Play
Mr. Sun is responsible for the creation of the cryptocurrency network Tron and currently consults for the Huobi Global digital asset exchange. Mr. Sun stated that “right now our team is in the Bahamas” in order to hold discussions with FTX. Later, he clarified that this statement referred to representatives of both Tron and Huobi, as well as the Bahamas.
Recently, FTX decided to sell various business units and subsidiaries, so the company made the decision to hire the investment banking firm Perella Weinberg Partners.
According to Mr. Sun, the mistakes made by Mr. Bankman-Fried will affect the perception of cryptocurrency among regulators, institutional investors, and other parties. And that, the failure of SBF will leave a very negative impression on mainstream American society regarding the cryptocurrency industry.
Read More: Tron Founder Justin Sun Working With FTX To Resume Withdrawals
Justin Sun Eyes FTX Assets
Before FTX filed for bankruptcy protection, Tron and Mr. Sun had been in discussions with FTX about how to protect holders of Tron tokens. These discussions took place before FTX filed for protection from creditors.
However, Ki Young Ju, CEO of CryptoQuant raised serious concerns over the FTX-TRON deal, citing it to be illegal. He reasoned that, this would only lead to a price jump of the TRON token on FTX and Justin Sun being able to sell them at a higher price.
Isn’t it illegal?
1/ FTX allows withdrawals only for TRX & TRC20.
2/ Users exchange assets to TRX to request withdrawals.
3/ TRX price goes up like 50x in FTX.
4/ Justin deposits TRX into FTX and sells them.
5/ FTX users sell TRX in other exchanges with a significant loss. https://t.co/FKCV5IoGUu pic.twitter.com/91zrLugiuu
— Ki Young Ju (@ki_young_ju) November 10, 2022
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/justin-sun-evaluating-potential-purchase-of-ftx-assets/