Justin Sun announced on Twitter today that he is working with FTX on a solution, shortly after a planned takeover of the exchange by Binance fell through.
Sun partners with FTX
Justin Sun, the founder of the Tron blockchain, said on November 9 that he is working with FTX on a solution for all Tron token investors on the fallen exchange. The crypto exchange FTX is currently in a liquidity crisis.
In a tweet, Sun said:
In addition to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on FTX, we are working with #FTX on a solution.
FTX’s CEO Sam Bankman-Fried retweeted the post. This is his first act on Twitter since announcing that Binance had agreed to take over the exchange. However, Binance later stated that FTX’s problems are so great that it cannot help them.
Sun gave no further details about the solution he is working on. In an earlier tweet, on Nov. 9, Sun said he will protect the Tron holders. In a separate blog post on Huobi’s website, Huobi and Tron DAO said they would support the users who have their Tron tokens (TRX, BTT, JST, SUN, HT) on the FTX platform.
Preventing further deterioration
In subsequent tweets today, Sun said the ongoing liquidity crisis is hurting industry development and investors. He added that his team is working hard to prevent further deterioration.
It was rumored that the founder of Tron was the mastermind behind the acquisition of crypto exchange Huobi by About Capital Management’s M&A fund. However, he denied this and claimed that he was only an adviser to the company.