Justin Sun says he is working on solution to FTX crisis
Justin Sun, the billionaire founder of the Tron blockchain, said late on Nov. 9 that he is working on a solution to the crisis engulfing FTX, the crypto exchange.
In a tweet, Sun said, “we are putting together a solution together with FTX to initiate a pathway forward.”
FTX’s CEO Sam Bankman-Fried retweeted the post — his first action on Twitter since he announced that Binance had agreed to acquire the embattled exchange. That proposal fell apart earlier today, with Binance stating that FTX’s issues are beyond its control.
Sun did not provide any further details about the solution, and — after the failed Binance deal — there will be significant doubts about whether an agreement with FTX can indeed be reached.
In subsequent tweets, Sun said that the “ongoing liquidity crunch, despite short term in nature, is harmful to the industry development and investors alike,” adding that his team has been working hard to avoid “further deterioration.”
Sun was recently rumored to have quietly masterminded the acquisition of crypto exchange Huobi by About Capital Management’s M&A fund, but he denied those reports, claiming he is “only an advisor” to the company.
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Author: Ryan Weeks
