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The Tron blockchain founder, Justin Sun and Ripple Labs CEO, Brad Garlinghouse, decide to buy FTX assets.
Justin Sun was at second after Ripple CEO Brad Garlinghouse showed eagerness to purchase assets of the collapsed crypto exchange FTX. The now-bust company filed for bankruptcy under chapter 11 on November 11, 2022.
Earlier, Brad Garlinghouse was interested in acquiring FTX’s stakes in different companies but later changed his thought due to the complication arising as FTX went bankrupt.
Previously, Ripple CEO Brad Garlinghouse had decided to extend their job offers to the former FTX employees. Justin Sun may become the ‘Savior’ who can rescue FTX investors. The ruined exchange signed an agreement with Tron.
As on November 10, Justin Sun, who is the Global Ambassador of Grenada to the World Trade Organization, said in a tweet-
“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. @FTX_Official.”
Justin Sun Weighs More
According to the Wall Street Journal, long-back crypto advocate Justin Sun said that his advocates were looking for the buyout of FTX assets soon as the Sam Bankman-Fried goes “Washout from White Knight.”
On 22 November, he told the WSJ reporters “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.”
Justin Sun was also in the news for paying $4.6 million in a charity auction for lunch with Warren Buffet, also known as “Oracle of Omaha,” for his famous strategies in the stock market investment world.
Garlinghouse predicted that the FTX crash may extend the crypto winter for the next 12-18 months. Ripple is also seeking a virtual asset service provider (VASP) license from the Irish central bank for EU (European Union) expansion. In an interview with CNBC, after seeing the “crypto’s Lehman Brothers crash,” he said that the crypto industry needs to get more mature.
Sun has been a controversial figure in the crypto world. Rumors surrounding Huobi Global Sale closed by About Capital Management Group, in which the Tron’s founder is the core investor, but his stake is still not public.
After the SBF’s FTX collapse, both Tron and Ripple have seen slight ups and downs in their performance. At the time of writing, TRX is trading at $0.05199 and XRP is at $0.3808, both showing green signal for the investor.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
