Justin Sun In Talks To Acquire FTX Assets: Report

Justin Sun, the founder of Tron (TRX), said that his team was looking into the possibility of buying assets from the now-bankrupt firm FTX.

Justin Sun, a well-known supporter of cryptocurrencies and the founder of Tron (TRX), said that his team was looking into the possibility of buying assets from Sam Bankman Fried’s now-bankrupt Fried’s FTX exchange.

On Tuesday, Mr. Sun shared his thoughts with the reporters from The Wall Street Journal. Sun stated:

“We are open to any kind of deal. I think all the options [are] on the table. Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure.”

Mr. Sun started the Tron cryptocurrency network and is a consultant for the Huobi Global digital asset exchange. He shared the fact that his team is in the Bahamas right now for the talks with FTX about the matter. Later, it was made clear that this was meant to include both Tron and Huobi representatives.

Mr. Sun argued that Bankman-Fried’s actions would damage the credibility of the cryptocurrency industry with regulators, institutional investors, and other stakeholders.

Sun believes that “the fall of SBF will leave a very negative impression on mainstream American society about the cryptocurrency industry.” 

FTX And Tron Go Way Back

Prior to FTX filing for bankruptcy protection, Tron and Mr. Sun had been in discussions with FTX over the best way to safeguard holders of Tron tokens. Infamously, Sun set a new record by bidding a total of $4.6 million at a charity auction for the opportunity to have lunch with Warren Buffett. It is important to note that the launch of USDD on the TRON blockchain in April this year, marked TRON’s official entry into the realm of decentralized stablecoins. 

Additionally, an investment bank, Perella Weinberg Partners, was recently appointed by FTX to lead the company’s efforts to sell off its various divisions and affiliates.

However, in October, he shot down talk of any purchase, saying his involvement has been strictly advisory. Sam Bankman-Fried, the creator of FTX, was said to have invested in Huobi alongside Sun. The ex-executive, however, tweeted simply, “still not participating,” to indicate that he was not involved.