TRON Founder Justin Sun is reportedly evaluating FTX’s assets for possible purchase. The failed exchange closed its first round of bankruptcy proceedings last week. According to Sun, FTX’s collapse could have a detrimental effect on the growth of the crypto industry.
Justin Sun Joined Ripple In The Interest Of Purchasing FTX Assets
Justin Sun, cryptocurrency entrepreneur and billionaire, is reportedly considering buying FTX’s assets. He said he would be open to “any kind of deal” and “all options” are on the table. Furthermore, Sun mentioned that his team is evaluating FTX’s assets one by one and his representatives from Tron and the Huobi exchange are in talks with FTX Group in the Bahamas. Adding that it’s going to take some time since they’re already in the middle of bankruptcy proceedings.
At first, Sun announced his intention to save the exchange, working with the FTX team to enable withdrawals and trading for tokens related to him. Several crypto assets related to Justin Sun, include Tron (TRX), Just (JST), Sun (SUN), BitTorrent Token (BTT), and Huobi Token (HT).
He is the latest crypto advocate to take part in embattled firm assets. Ripple’s CEO, Brad Garlinghouse, recently show interest in acquiring parts of the FTX assets. Garlinghouse said that former FTX CEO Sam Bankman-Fried called him two days before the company filed for bankruptcy as he sought to round up investors to rescue the business. During the call, Ripple and FTX discussed whether there were any FTX-owned businesses that Ripple would be interested in acquiring.
FTX Bankruptcy Proceedings
FTX has just concluded its first round of bankruptcy proceedings. The filing showed that the insolvent firm owes roughly $3.1 billion to its 50 largest creditors and kept the names of the creditors confidential. FTX announced that it is conducting a strategic review of its global assets and preparing for the sale or reorganization of some of its businesses. The review strives to maximize recoverable value for stakeholders. The failed crypto exchange FTX could have more than 1 million creditors.
Meanwhile, John J. Ray III, SBF’s replacement CEO, confirmed that the regulated or licensed subsidiaries of FTX, within and outside of the US, have solvent balance sheets, which might be sold or restructured to cut losses.