Leaked chats confirm FTX in talks with Justin Sun, Binance 'never planned to go with the deal'


  • A leaked chat from Samuel Bankman Fried’s FTX confirmed that the exchange is in talks with Justin Sun. 
  • Justin Sun tweeted that he stands behind all Tron token holders and is working on putting a solution together for FTX’s liquidity crisis.
  • Binance backed away from the deal citing a runthrough of FTX’s books and issues beyond their ability to help. 

Binance pulled out of the FTX acquisition deal and within mere hours of the debacle, Justin Sun revealed a plan to rescue the exchange. Without sharing further details, the founder of Tron cryptocurrency network confirmed his involvement with FTX exchange. 

Leaked slack communication from FTX CEO Samuel Bankman-Fried confirmed that Justin Sun is in talks with the exchange for fundraising.

Also read: Could Ethereum beat the bear market as supply falls post Merge?

Is Samuel Bankman-Fried counting on Justin Sun to rescue FTX

FTX CEO Samuel Bankman-Fried (SBF) communicated the details of FTX’s situation in a message on the company’s slack channel. The message was leaked online and Cobie, host of uponlytv confirmed its authenticity through sources close to the matter. 

Leaked slack communication for FTX exchange

FTX slack message

The message assures team members that there is communication with external parties for fundraising. SBF shared his plan to raise funds and tackle FTX’s liquidity crisis. In the message he discreetly specifies that Binance never planned to come through with their deal to acquire FTX. 

Binance scrapped its letter of intent to buy rival crypto exchange FTX, according to a spokesperson. Following corporate due diligence and latest reports regarding mishandled customer funds, Binance argued that FTX’s situation is beyond the exchange’s “ability to help.” 

SBF confirms ongoing talks with Justin Sun in his slack message. What’s more, Sun, Grenada’s representative at the World Trade Organization tweeted to his 3.4 million followers that stands with Tron token holders on FTX. 

Sun spared the details and said that further to his announcement to stand behind all TRX, BTT, JST, SUN and HT holders on FTX, his team is putting together a solution together with FTX to initiate a pathway forward.  

Despite the short-term nature of the ongoing liquidity crunch, it remains harmful to industry development. Sun is concerned for investors well-being and his team is working around the clock to avert further deterioration.  

Sun instilled confidence in traders and expressed his faith in the situation. The Tron founder believes the situation is manageable following the holistic approach together with his partners. Sun could therefore potentially rescue FTX exchange if the unconfirmed leak is true. 

FXStreet team has reached out to FTX exchange for comments, awaiting response. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. Bullish divergence on the RSI and the Awesome Oscillator indicators signal a potential reversal and upward movement in ZIL price in the coming days.

More Cryptocurrencies News

MATIC sets for a rally as Polygon Foundation confirms the migration date

MATIC sets for a rally as Polygon Foundation confirms the migration date

Polygon (MATIC) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. The Polygon Foundation officially announced on Thursday that September 4 is the migration date for MATIC to POL.

More Polygon News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million.

More Bitcoin News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million. On-chain data indicates oversold conditions for BTC, suggesting a possible market bottom.

Read full analysis

BTC

ETH

XRP