Justin Sun Is Ready To Rescue The Market With Sam Bankman-Fried
Justin Sun, the founder of TRON, announced that he is ready with Sam Bankman-Fried of FTX and Changpeng Zhao of Binance to spend up to $5 billion to support crypto companies in need.
The liquidity crisis in the past time has caused many institutions to fear the domino effect from Three Arrows Capital (3AC). The two big boys Binance and FTX have different views. Justin Sun, the founder of TRON, is also a big hand who has made quite bold moves.
Before that, despite the market going through many crises, CEO Sam Bankman-Fried of FTX has come to the rescue of many big players, one of which is Voyager Digital. On the other hand, although CEO Changpeng Zhao also receives 50-100 offers daily, he claims they are not worth saving.
Sun revealed that Tron’s numbers are similar for Binance:
“We are actively reviewing it and see what we can do here. We are ready to spend $5 billion on helping the industry builders to continue to build.”
Justin Sun said Tron is hiring an investment bank to advise on potential deals, but he declined to elaborate.
When asked if the $5 billion figure would be Tron’s personal money or that of Tron, Justin Sun said it would be both. Both he and Tron are targeting healthy businesses as well as struggling companies and will go through due diligence before making any deals. Tron’s DAO has $2.3 billion in reserves, according to the company’s website.
As for the current market downturn, the founder of TRON said he thinks the worst is behind us:
“I think currently the de-leverage process is passed the worst time. So we just need to clean it up and move forward. I don’t think the market will be super bullish, of course.”
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