TRON head says his readiness to help the FTX exchange

Justin Sun said this on Bloomberg News

11.11.2022 - 12:30

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2 min

What’s new? On November 11, TRON blockchain founder Justin Sun said that he is ready to help the collapsed cryptocurrency exchange FTX, owned by Sam Bankman-Fried. According to Sun, this is a good way to show unity in the crypto industry, but full diligence is needed before this can be done. The entrepreneur told a Bloomberg News host, Tom Mackenzie.

@justinsuntron tells me he's prepared to provide FTX with billions in aid"need to do full diligence""good moment to show unity in crypto industry" @FTX_Official @SBF_FTX #exclusive https://t.co/B3wUUbx4gB
— Tom Mackenzie (@TomMackenzieTV) November 11, 2022

About the FTX and TRON situation. On November 9, crypto exchange Huobi and Justin Sun, who serves on its global advisory board, said that they were willing to provide a 1:1 exchange of TRX, BTT, JST, SUN, and HT tokens for FTX’s affected users if the platform could not do so itself. As a result, the rate of Huobi’s native token on FTX jumped by 581% per day. At the same time, on November 11 FTX disabled the ability to deposit all of the abovementioned tokens. Withdrawals from the exchange are also not available.

On the evening of November 10, Bankman-Fried pleaded guilty to the collapse of FTX. He talked about looking for partners to raise funds and keep the exchange running. Given that the FTX-affiliated company Alameda Research lost about $8 billion in client funds, Sun’s proposal may be the only option to save FTX.

To find out what withdrawal options traders currently have from FTX, check out GetBlock Magazine’s article.

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