- 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.
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.
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official
— H.E. Justin Sun (@justinsuntron) November 10, 2022
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.
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