Justin Sun Is Assessing The Possibility Of Buying FTX Assets
TRON founder Justin Sun said his associates are assessing the potential to buy assets from Sam Bankman-Fried’s crumbling FTX empire. In addition, Ripple executives are also concerned about this issue.
According to the Wall Street Journal, Justin Sun, founder of TRON and a member of Huobi’s Global Advisory Committee, said that his colleagues are assessing Sam Bankman’s ability to buy assets from the collapsed FTX.
Justin Sun spoke to reporters in Singapore about the issue on November 22.
“We are open to any kind of deal. I think all the options [are] on the table,(…). Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure.”
Ahead of the news on November 20th, Ripple CEO Brad Garlinghouse expressed interest in acquiring several of FTX’s businesses.
As updated in previous Coincu News article, today, the United States Bankruptcy Court for the District of Delaware (the “Delaware Federal Court“) has granted interim and final approvals for all of the “First Day” motions related to the FTX Debtors’ Chapter 11 petitions filed on November 11, 2022, according to an announcement released by FTX Trading Ltd. (d.b.a. FTX.com) and approximately 101 additional affiliated companies.
FTX closed its first round of bankruptcy proceedings last week. The filings show that FTX Group held $1.24 billion in cash reserves and that the FTX exchange does not hold Bitcoin on its balance sheet. The insolvent company now owes about $3.1 billion to its 50 largest creditors alone.
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