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Crypto News

Justin Sun May Purchase Assets From FTX

Cryptocurrency entrepreneur and billionaire Justin Sun is reportedly evaluating FTX’s assets for potential purchase.

  • As reported by the Wall Street Journal, Sun said on Tuesday that he is open to “any kind of deal,” with the exchange, and that “all 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,” he added. 

  • FTX closed its first round of bankruptcy proceedings last week. Filings showed that the FTX Group cumulatively held $1.24 billion in cash reserves and that the FTX exchange held zero Bitcoin on its balance sheet. 
  • The insolvent firm now owes roughly $3.1 billion to its 50 largest creditors alone. 
  • Bahamas regulators also claim to have directed FTX to transfer $500 million in assets to its own digital wallet for safekeeping. Sun added that he had representatives on the ground in the Bahamas from both Tron and Huobi to discuss their deal. 
  • Sun was rumored to be planning an FTX buyout earlier this month when leaked internal messages showed Sam Bankman-Fried implying to FTX that he was in talks with Sun for a potential raise. 
  • A day earlier, Sun had admitted over Twitter to “putting together a solution with FTX to initiate a path forward.”
  • Besides Sun, Ripple CEO Brad Garlinghouse is also eyeing FTX’s assets, according to The Times. 
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