Recently, the declaration of bankruptcy of the FTX group had the effect of a tsunami in the cryptocurrency ecosystem. With billions of dollars belonging to FTX users missing, TRON (TRX) founder Justin Sun is seeking to acquire some platform assets to compensate users.
Future takeovers to be expected by Justin Sun?
By blocking withdrawals from its customers, the FTX group generated several billion dollars of loss among investors. Today, the company is looking for funds to fill this gap and compensate for the losses of its users.
🔴 LIVE – Follow the FTX deal in real time
In this context of fundraising, players in the Web3 ecosystem are interested in acquiring certain assets of the bankrupt exchange.
This is the case of Justin Sun, founder of the TRON ecosystem (TRX)adviser for the Huobi exchange, and representative of Grenada at the World Trade Organization (WTO).
In a recent report, the man with many hats insisted on the hardworking character future FTX asset buybacks would entail:
“We are open to any type of agreement. I think all the options [sont] on the table. […] Currently we are evaluating the assets one by one, but from what I understand it is going to be a long process since they are already in bankruptcy proceedings. »
In addition, representatives of TRON and Huobi are currently traveling to the Bahamas to chat with the FTX teams.
👉 FTX: the answers to all your questions about the affair that is shaking up cryptocurrencies
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Will FTX customers be able to get a refund?
As the cryptocurrency industry plunged into one of its most serious crises, Justin Sun was one of the first to affirm his support for the victims of FTX.
On the eve of the platform’s declaration of bankruptcy, and while withdrawals were blocked, an agreement between TRON and FTX had been signed to allow the withdrawal of certain cryptocurrencies belonging to the TRON (TRX) ecosystem.
FTX Announcement Regarding the Tron Credit Facility:
We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.
—FTX (@FTX_Official) November 10, 2022
“We are pleased to announce that we have entered into an agreement with Tron to establish a special facility allowing holders of TRX, BTT, JST, SUN and HT to exchange their assets from FTX to external wallets at a ratio of 1: 1. »
Nevertheless, since this exit door was usable by all FTX users, the price of the TRX token of the TRON blockchain saw its price multiplied by 10, but only on the FTX exchange. As a result, investors using this method have exposed themselves to significant losses..
Moreover, Justin Sun is not the only investor to look into the situation of FTX.
A few days ago, the CEO of Ripple Brad Garlinghouse announced his interest in acquiring certain assets from the FTX group.
However, the company specializing in interbank transactions is more focused on acquiring companies held by FTX. In addition, these investments will not make it possible to compensate for the financial losses of the users of the exchange.
As we have just seen, FTX platform clients are likely never to see their funds again. This unprecedented event is a reminder of the excesses that certain centralized entities can generate.
To guard against these events, a solution exists: acquire cold wallet to secure your cryptocurrencies outside of centralized platforms and the risks associated with them.
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Source: Wall Street Journal
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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