BTC

$90282.296

-0.48%

ETH

$3107.318

-1.18%

BNB

$623.328

-0.27%

XRP

$1.079

-2.33%

News

Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects

September 11, 2023 - Around 2 mins mins to read

Key Points:

  • Justin Sun, founder of TRON, is contemplating a tender offer for TRX tokens held by FTX to mitigate their impact on the crypto community when sold.
  • FTX holds approximately $3.4 billion in highly liquid cryptocurrencies as of August 31, 2023, with plans to sell them at a rate of $100–200 million per week, pending court approval.
  • Sun had previously offered support to FTX during a crisis last year and pledged to assist Sun coin holders affected by FTX’s difficulties.
Justin Sun, the founder of TRON and a member of the Huobi Global Advisory Committee, recently hinted at a potential tender offer for TRX tokens held by FTX, aiming to minimize the impact on the cryptocurrency community when these tokens are eventually sold.
Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects
Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects 2

This development follows documents submitted to the US bankruptcy court on September 11, which shed light on FTX’s asset restoration progress. As of August 31, 2023, FTX’s holdings comprised approximately $3.4 billion in highly liquid cryptocurrencies.

The unit responsible for managing FTX’s assets is planning to sell these highly liquid crypto assets, targeting a weekly sale value ranging from $100 million to $200 million.

However, the success of this plan hinges on court approval, with a critical trial set for September 13. There’s also uncertainty surrounding the sale, similar to the case of Solana, where FTX’s SOL assets are locked and will be gradually released between 2027 and 2028.

Notably, Justin Sun had previously expressed his readiness to provide substantial aid to the distressed cryptocurrency exchange, FTX, when it faced challenges last year.

Additionally, he pledged to compensate and rescue Sun coin holders affected by the FTX crisis, signaling his commitment to supporting the crypto community during turbulent times.

As the situation unfolds, cryptocurrency enthusiasts and market observers eagerly await the outcome of FTX’s asset sale plan, recognizing its potential significance in the evolving crypto landscape.

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.

FTX

Huobi

Justin sun

TRON

TRX

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects

Key Points:

  • Justin Sun, founder of TRON, is contemplating a tender offer for TRX tokens held by FTX to mitigate their impact on the crypto community when sold.
  • FTX holds approximately $3.4 billion in highly liquid cryptocurrencies as of August 31, 2023, with plans to sell them at a rate of $100–200 million per week, pending court approval.
  • Sun had previously offered support to FTX during a crisis last year and pledged to assist Sun coin holders affected by FTX’s difficulties.
Justin Sun, the founder of TRON and a member of the Huobi Global Advisory Committee, recently hinted at a potential tender offer for TRX tokens held by FTX, aiming to minimize the impact on the cryptocurrency community when these tokens are eventually sold.
Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects
Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects 4

This development follows documents submitted to the US bankruptcy court on September 11, which shed light on FTX’s asset restoration progress. As of August 31, 2023, FTX’s holdings comprised approximately $3.4 billion in highly liquid cryptocurrencies.

The unit responsible for managing FTX’s assets is planning to sell these highly liquid crypto assets, targeting a weekly sale value ranging from $100 million to $200 million.

However, the success of this plan hinges on court approval, with a critical trial set for September 13. There’s also uncertainty surrounding the sale, similar to the case of Solana, where FTX’s SOL assets are locked and will be gradually released between 2027 and 2028.

Notably, Justin Sun had previously expressed his readiness to provide substantial aid to the distressed cryptocurrency exchange, FTX, when it faced challenges last year.

Additionally, he pledged to compensate and rescue Sun coin holders affected by the FTX crisis, signaling his commitment to supporting the crypto community during turbulent times.

As the situation unfolds, cryptocurrency enthusiasts and market observers eagerly await the outcome of FTX’s asset sale plan, recognizing its potential significance in the evolving crypto landscape.

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.