The Collapse Of FTX Empire – Can Justin Sun Rescue FTX? | Part 2

In danger of bankruptcy after Binance refused to buy FTX, Justin Sun has had many responses to save the situation. Can Justin Sun rescue FTX from collapse or trust a trick?

After FTX went bankrupt, Binance seemed to have no strong competitors. What actions does CZ have next? Let’s explore in this article.

Can Justin Sun rescue FTX from collapse?

The millionaire inventor of the Tron blockchain, Justin Sun, stated late on November 9 that he is collaborating with FTX, the cryptocurrency exchange that needs to be saved from failure, on a solution. Justin Sun announced to compensate and rescue those holding Sun coins stuck on FTX (TRX, BTT, JST, SUN, HT). Can Justin Sun Rescue FTX? To get more detail information, you can read the article here: 

Tron DAO Will Purchase 1 Billion USDT To Prevent Its Sell-Off

After Tether fell below its peg to the US dollar, Justin Sun Rescued FTX by announced that it would buy 1 billion USDT to counter short sellers. The balance of USDT, Tron’s own stablecoin, may be impacted, according to Tron DAO Reserve, and all reserves will be in centralized exchanges.

Justin Sun Said He Was Probing FTX Acquisition Agreement

In an interview with Bloomberg, Justin Sun, Founder of Tron, stated that his team is now conducting due diligence on a prospective acquisition of FTX. The FTX liquidity problem and demonstrating industry cooperation are the main driving forces for the action. To get more detail information, you can read the article here: 

FTX Opens Bankruptcy Procedure, SBF Resigned CEO 

According to an announcement posted on the evening of November 11, cryptocurrency exchange FTX has filed for bankruptcy in the US court, Sam Bankman-Fried has also announced his resignation as CEO and John Ray is the name appointed to replace it. 

Justin Sun Confirms Huobi Global Is Not Related To FTX

Justin Sun, the founder of TRON and a member of the advisory board of Huobi Global, has stated that Huobi, Poloniex and USDT have no investments in FTX, as well as any funds and user assets exceeding 100% of the margin. To get more detail information, you can read the article here: 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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