Justin Sun is ‘Putting Together Solution’ for FTX After Binance Deal Falls Apart

Justin Sun is 'Putting Together Solution' for FTX After Binance Deal Falls Apart

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).