The collapse of the famous crypto exchange giant FTX has again sent the entire crypto space into a deadly spiral. FTT, the native token of FTX, has brought several cryptocurrencies to plummet to the bottom levels in the price chart. Furthermore, the cancellation of Binance’s potential acquisition of FTX has left Sam Bankman-Fried in a critical condition as the revival plan of FTX goes in vain. However, the firm still has a chance of making an excellent comeback to the crypto market as Tron founder Justin Sun hinted at a possible acquisition of FTX by providing Billions to aid its liquidity crunch.
Justin Sun Becomes A Saviour For FTX
The rejection from Binance on FTX’s acquisition has become the worst news in the crypto market. However, hours after the withdrawal from the deal, Tron founder Justin Sun came as a messiah as he made significant comments on solving FTX’s liquidity crisis. In an interview with BloombergTV hosted by Tom Mackenzie, Justin Sun said that he is willing to flow billions of dollars into FTX, but the firm “needs to do full diligence.”
Tron founder Justin Sun has emerged as a messiah for FTX to fulfill their revival plans amid its demise as he proposed a plan for FTX users to “return to normalcy.” Following the rejection of Binance’s rescue bid for FTX, Sam Bankman-Fried’s crypto firm is experiencing a potential bankruptcy without a cash injection. Now, Sun has come up with multiple strategies and solutions that may bring back FTX’s old glory as Justin is forming an infrastructure “to resuscitate and return to normalcy for all FTX users.” According to Mackenzie, Sun mentioned that it is a “good moment to show unity in the crypto industry.”
Rescue Plan For FTX
FTX founder Sam Bankman-Fried has knocked on many doors to pull FTX from the mud of its low liquidity and form a new structure to continue its further operations in order to raise liquidity. According to a report, Sam has asked $1 billion for help from Sun, rival exchange OKX and USDT stablecoin issuer Tether. However, Tether CTO Paolo Ardoio has made it clear that the platform has strictly denied the request of FTX as it has no plans to invest or lend money to the collapsed crypto exchange firm. However, Justin Sun becomes a rescuer for FTX amid the turmoil as he finds out excellent ways to help users who lost funds during the collapse.
Justin Sun said, “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. The ongoing liquidity crunch, despite being short-term in nature, is harmful to the industry development and investors alike.” He also promises users a quick solution as the team is constantly putting effort by saying, “My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the holistic approach together with our partners. Stay tuned”
The current allegations from Binance on FTX, leading to a pullback of the acquisition deal, have attracted the attention of regulatory bodies. The crypto exchange is now facing an investigation from the US Department of Justice (DOJ) due to its light security system. Officials from the team believe that some of the crypto assets listed on the platform and FTX’s lending product could potentially bring security concerns, and FTX’s management system for customers’ assets might also bring tightening scrutiny for governing US exchanges.