Justin Sun, crypto entrepreneur and the founder of Tron, has announced that he is talking with investors and putting together a solution to save the beleaguered crypto exchange, FTX.
Binance Deal Falls Apart
The crypto crash ignited by the FTX collapse has worsened after Binance announced on Wednesday, November 10th, that it would no longer follow through on its earlier announced plans to acquire the struggling crypto exchange.
Binance declined the acquisition citing a run-through of FTX’s books and issues beyond their ability to help. After Binance called off the deal, the founder of FTX, Sam Bankman-Fried announced he was exploring all possible options.
Justin Sun is Putting Together a Solution
Hours after Binance announced that it would no longer be going ahead with the FTX acquisition deal, Justin Sun, the founder of the Tron cryptocurrency network, tweeted that he and his team were “putting together a solution.”
Sun said he is working with the FTX team on a possible deal. While details were sparse, Sun notes that they have “been working around the clock to avoid further deterioration.”
Further confirming the possible collaboration, the FTX boss liked and retweeted Sun’s tweet. In a brief moment after the announcement, Tron (TRX) surged by 4,000% from 6 cents to $2.5 on the embattled FTX.
On the Flipside
- Veteran market analyst Peter Brandt has remarked that the ongoing “fifth worst” crypto decline in history could continue longer than investors expect.
Why You Should Care
Sun looks to end the FTX crisis as the ongoing liquidity crunch is harmful to the industry development and investors alike.
Read about the FTX collapse in:
The Untold Story of the Alameda-FTX Crisis That Nearly Brought Down the Crypto Market
Find out the reaction of the crypto community below:
Crypto Community Reacts to FTX and Binance Debacle