BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Breaking News

Justin Sun Moves to Rescue FTX After Binance Drops Acquisition Deal

BlockNews Team by BlockNews Team
November 10, 2022
in Breaking News, Business, Crypto, Media
Reading Time: 4 mins read
A A
FTX-Justin-Sun
2
SHARES
36
VIEWS
Share on TwitterShare on Reddit

Tron’s Justin Sun has announced plans to help FTX exchange return normalcy to platform users. The move comes after giant crypto exchange Binance backed out from the acquisition deal on Wednesday, saying in a tweet that the rival crypto exchange’s issues were “beyond our control or ability to help.”

You might also like

Crypto Clients Of Signature Bank Have Been Advised To Close Their Accounts Before April 5

Circle To launch USDC Stablecoin on Cosmos via Noble Network

MetaMask Issues Warning Against Fake Airdrop Rumors

Following the breakdown of Binance’s rescue bid for Sam Bankman Fried’s crypto empire, the FTX exchange is facing potential bankruptcy if it fails to raise capital. Before Binance retracted from the deal, FTX’s CEO Sam Bankman-Fried explained to investors that the company would have to file for bankruptcy if it did not get more capital. According to Bloomberg reports, FTX has a “shortfall” of up to $8 billion.

Sun Leads A Tron Ark To Rescue FTX Users

Crypto Whizkid Justin Sun of the Tron network has come into the fray with claims that a solution is being hatched ‘to resurrect and restore normalcy for all FTX users.

“…This is only the initial step taken towards a wholistic solution that is being crafted to resuscitate and return to normalcy for all #FTX users. I greatly appreciate the collaborative work between @FTX Official teams.”

Sun acknowledged that despite being short-term, the current liquidity crunch was detrimental to the industry’s development, with implications that would also affect investors. 

In an official statement, centralized exchange Huobi promised that TRX, SUN, JST, BTT, and HT token holders would be able to redeem them on a 1:1 basis even if withdrawals from FTX failed. Sun is an executive advisor at the Huobi exchange, and the listed tokens are related to Su and Huobi.

An excerpt from the statement reads:

“In other words, no matter how things evolve, Tron DAO and Huobi will do their best to support the exchange of the TRON tokens (TRX, BTT, JST, SUN, HT) deposited on the FTX platform at a 1:1 ratio, including during the worst case scenario that we all know may happen.”

Sun has described the move as a “Tron Ark” purpose to help all FTX users weather the storm.

“#TRON Ark building is well underway, the modern time crypto voyage for #FTX users to weather the crypto storm. We are on standby, backed by the robust global infrastructure @HuobiGlobal. Stay safe and dry, @FTX_Official.”

The Tron executive also assured that his team was collaborating with FTX to find a solution to pave the way forward.

“Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution with #FTX to initiate a pathway forward.”

It follows that Sun and SBF had commissioned a select team from both companies to work around the clock to prevent the already bad situation from escalating worse. Sun, who believes the problem is manageable, has opted for a wholistic approach.

Justin Sun is a high-net-worth individual in the crypto arena, attributing most of his wealth to his engagement beyond founding the Tron network and his initial purchase of BitTorrent. The crypto whizkid is also reputed for bailing on a $4.6 million lunch Warren Buffet, clashing with Disney on matters TRON trademark, and paying up to $28 million to secure a seat on Jeff Bezos-owned Blue Origin space flight during an auction event.

The statements from the Tron founder prompted a spike in the value of Sun-related cryptocurrencies currently trapped on the crypto exchange FTX. At one point, the value leaped from $0.6 to as high as $2.50. 

This followed the announcement that his team was “working on withdrawals.” Many users flocked to Tron tokens on the network, expecting this would be the only way to get money out of FTX. 

On the FTX website, Tron’s native currency, TRX, is selling for $0.13, up by 133% compared to yesterday at the time of this writing. 

Outside FTX, however, TRX’s price is $0.058949, according to CoinGecko. 

Tags: FTXTronTRX
Tweet1ShareShare1

Recommended For You

Crypto Clients Of Signature Bank Have Been Advised To Close Their Accounts Before April 5

by BlockNews Team
March 31, 2023
0
signature bank

US FDIC advises crypto clients to move their funds and close all accounts on Signature bank before April 5. Signature's payments platform, Signet, is still up for grabs...

Read more

Circle To launch USDC Stablecoin on Cosmos via Noble Network

by BlockNews Team
March 31, 2023
0
circle pay crypto

USDC will be launched on the Cosmos ecosystem as a replacement for Terra’s fallen UST Noble aims to provide a solution for bridging assets from the Cosmos ecosystem...

Read more

MetaMask Issues Warning Against Fake Airdrop Rumors

by BlockNews Team
March 31, 2023
0
metamask

MetaMask has issued a warning to its users about rumors of an imminent MetaMask airdrop circulating on social media, which the company has dismissed as false and dangerous....

Read more

AllianceBlock Partners With Crunchbase To Make Its Data Accessible To Data Tunnel Users

by BlockNews Team
March 31, 2023
0
Allianceblock

AllianceBlock announces a partnership with Crunchbase to give its Data Tunnel users access to Crunchbase's data. This is a working example of a partnership between Web2 and Web3....

Read more

NFT Investor Accidentally Burns $135K CryptoPunk Trying to Borrow Money

by BlockNews Team
March 31, 2023
0
cryptopunk #685

NFT collector accidentally burns a $135K CryptoPunk while trying to borrow money through wrapping, sparking discussions on confusing user interfaces and wash trading in NFT markets. While trying...

Read more
Next Post
Tether-FTX

JUST IN: Tether Freezes $46 Million USDT Associated with a FTX Address

Related News

Crypto-up-in-China

Crypto Prices Dump After China Lockdown

November 29, 2022
SlowMist Logo

Phishing Tactic Revealed As North Korean Hackers Cart-Away With NFTs

December 30, 2022
Banxico mexico

Authorities Avoid Predicting A Launch Date For Mexico’s CBDC, Digital Peso

January 11, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Crypto Clients Of Signature Bank Have Been Advised To Close Their Accounts Before April 5 March 31, 2023
  • Circle To launch USDC Stablecoin on Cosmos via Noble Network March 31, 2023
  • MetaMask Issues Warning Against Fake Airdrop Rumors March 31, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?