- Justin Sun is supposedly working to “resuscitate” FTX
- Sun said today that he and his team are trying to help the situation“return to normalcy”
- Sun’s past actions have led to immediate skepticism over his true intentions
Tron founder and all round slippery customer Justin Sun is working on a plan to “resuscitate” FTX, but the crypto world has reacted warily to the suggestion. Following Binance walking away from buying FTX yesterday it seemed that the exchange was dead and its customers would be left empty handed, but Sun appears to have a plan up his sleeve, albeit one that he isn’t sharing yet. Many however believe that this could just be another of his famous stunts.
Sun Makes Tron Ecosystem Holders on FTX Whole
Sun, the Tron founder and head of investment firm About Capital, which recently acquired the Huobi exchange, didn’t seem to have any plans for FTX up his sleeve until yesterday when he released a statement through Huobi. In the statement, Sun announced that holders of the various tokens associated with the Tron ecosystem (TRX , BTT, JST, SUN, and HT) on FTX could redeem their holdings 1:1 through Huobi, making them whole in that sense at least.
Such altruism seems to have spurred Sun to think more about what he could do to help FTX users, and when Changpeng Zhao announced that Binance had walked away from the FTX deal Sun tweeted that he was planning something:
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 #TRON @FTX_Official 🔥!
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022
What exactly Sun was thinking about he didn’t say, but he followed this two and a half hours later with another cryptic message:
This is only the initial step taken towards a wholistic solution that is being crafted to resuscitate and return to normalcy for all #FTX users. I greatly appreciate the collaborative work between @FTX_Official teams 🔥
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022
Sun is Known for His Antics
While this may sound an exciting prospect, those who have been the space for a while will know that Sun has a penchant for hyping things up and not delivering, which explains the response from the community over the suggestion that Sun was going to save crypto:
???
Don’t know what he’s up to, but that diplomatic immunity is about to be stress tested if this is all a facade. https://t.co/lVoQ2ntE8p
— Hsaka (@HsakaTrades) November 10, 2022
He doesn’t have enough capital to bailout FTX but probably will help facilitate a bailout for his own ecosystem related tokens as a way to try to create some good faith reference in the future
— Vinnie Moura (@vinniemourax) November 10, 2022
Given that Coinbase and Binance have now publicly distanced themselves from the dumpster fire that is FTX, it’s unlikely that a full takeover is in the works. It remains to be seen therefore if Sun is actually going for a holistic solution or just one that benefits his community.
