FTX is looking for its savior, a candidate shows up


The world of cryptocurrencies is going through a new crisis. As we mentioned in a previous article, FTX, one of the main crypto exchanges, has liquidity problems and is on the verge of bankruptcy. Moreover, the Bloomberg agency already estimates that the fortune of its creator, Sam Bankman-Fried, would have gone from 15.6 billion dollars to nearly a billion dollars, in one day.

To solve these liquidity problems, and therefore protect its users, FTX was counting on a buyout agreement by its competitor Binance. However, Binance eventually pulled out of the deal. “At first we hoped to be able to support FTX customers with cash, but the problems are out of control and beyond our ability to help”indicated the number 1 of the cryptos.

Yet, without a rescue plan, FTX faces bankruptcy. According to a Bloomberg article, FTX would need $4 billion to remain solvent.

Who will save FTX?

As Binance pulled out of the FTX takeover deal, another candidate is emerging to save the cryptocurrency exchange: Justin Sun, founder of Tron.

Initially, Tron reassured the users of the tokens associated with its blockchain (TRX, BTT, JST, SUN, HT), indicating that they could exchange these tokens, even if it was not possible to do so. withdrawals on FTX.

In another tweet, Justin Sun announced the return of trading of the TRX crypto, the native crypto of Tron, on the FTX platform. Sun also said he is working on a return to withdrawals.

Then, the entrepreneur mentioned a plan that would allow a return to normal. “This is just the first step towards a holistic solution designed to resurrect and return to normal for all #FTX users. I really appreciate the collaborative work with FTX”he wrote.

And in another post, Sun talks about an “ark” that would allow FTX users to “ride through” the storm.

At this time, it’s unclear exactly what Justin Sun’s plan is to save FTX. But obviously, this could require intervention from the Huobi cryptocurrency exchange.

In the meantime, all of this has benefited Tron’s native cryptocurrency, TRX. According to the Decrypt site, since Justin Sun started talking about his plan, crypto has skyrocketed on FTX (the possibility of withdrawing TRX would indeed allow funds to be taken out of FTX). TRX would have risen from around $0.6 to $2.50 at some point, before stabilizing at more reasonable values.

For now, FTX boss Sam Bankman Fried is keeping a low profile. But internally, this one would have already addressed the employees of the exchange. According to a leak, in this message, he would have already mentioned the discussions with Justin Sun.

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