Tron’s Justin Sun Says He’s Working With FTX to ‘Initiate Pathway Forward’ for Group of Crypto Investors
Tron founder Justin Sun says he’s working with FTX to help a group of crypto investors in the wake of the exchange’s collapse.
In a message that has been retweeted by FTX founder Sam Bankman-Fried, Sun says he and FTX are working together to “initiate a pathway forward”.
It appears Sun is looking to exclusively help holders of Tron-related tokens whose funds on FTX were lost in the implosion of the exchange.
“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.
Sun says he and his team have been exploring a solution non-stop now that Binance has backed out of its potential bid to acquire FTX.
“The ongoing liquidity crunch, despite short-term in nature, is harmful to the industry development and investors alike.
My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the wholistic approach together with our partners. Stay tuned.”
Before retweeting Sun’s message, Bankman-Fried had gone silent for well over a day.
FTX collapsed after concerns about the company’s balance sheet burst across the crypto industry. The exchange was hit with a massive liquidity crisis after being accused of denominating most of its assets in FTX Token (FTT).
FTX is also accused of using FTT to essentially bail out its trading arm Alameda Research during the crypto contagion in Q2 of this year.
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The post Tron’s Justin Sun Says He’s Working With FTX to ‘Initiate Pathway Forward’ for Group of Crypto Investors appeared first on The Daily Hodl.