{"id":550974,"date":"2023-09-12T21:00:23","date_gmt":"2023-09-12T21:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=550974"},"modified":"2024-06-11T08:04:42","modified_gmt":"2024-06-11T08:04:42","slug":"tron-justin-sun-ftx","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/tron-justin-sun-ftx\/","title":{"rendered":"Tron\u2019s Justin Sun Mulls Over Making A Move On FTX\u2019s Crypto Stash, Here\u2019s Why"},"content":{"rendered":"

In a completely unexpected move, Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX\u2019s considerable crypto assets worth billions of dollars.\u00a0<\/span><\/p>\n

Justin Sun Considers Making A Bid For FTX Crypto Assets<\/h2>\n

Justin Sun, Creator of Tron, one of the world\u2019s largest blockchain ecosystems, has hinted at the possibility of acquiring the assets of insolvent crypto exchange FTX. This statement comes a year after the crypto billionaire was contemplating a <\/span>majority takeover of Huobi Global<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Report Reveals The Stablecoins That Have Suffered The Most De-Peg Events<\/a><\/div>\n

According to <\/span>data from Messari<\/span><\/a>, a provider of market intelligence products, FTX liquidations hold a total of $1.3 billion in liquid crypto assets excluding stablecoins. The report revealed some of the largest holdings for FTX liquidators which include cryptocurrencies like Solana (SOL), Ethereum (ETH), Aptos (APT), Dogecoin (DOGE), Tron (TRX), and Polygon (MATIC).<\/span><\/p>\n

Given the considerable holdings, there have been fears that the market could witness a crash if the exchange were to start dumping its crypto assets. In response to this, Sun revealed in a <\/span>post<\/span><\/a> on X (formerly known as Twitter) that he was considering the possibility of purchasing FTX holdings.<\/span><\/p>\n

The Tron Founder explained that the reason behind it was to reduce their selling influence on the crypto market.\u00a0<\/span><\/p>\n

\u201cContemplating an offer for FTX’s holding tokens and assets to reduce their selling impact on the crypto community. Let’s unite to bolster our crypto ecosystem,\u201d Sun stated.\u00a0<\/span><\/p>\n

However, data from Messari revealed that FTX and Alameda\u2019s BTC holdings, which are approximately $353 million, account for only 1% of BTC\u2019s weekly trading volume, meaning the crypto market can easily handle selling impacts.\u00a0<\/span><\/p>\n

Whereas, <\/span>FTX\u2019s crypto holdings<\/span><\/a> such as DOGE, TRX, and MATIC which range from $20 million to $30 million account for 6-12% of weekly trading volumes, and liquidations could significantly impact the crypto market.\u00a0<\/span><\/p>\n

Most of FTX\u2019s SOL are also locked up in Alameda and FTX ventures, and they have a unique liquidation pattern, which allows only $9.2 million SOL to be unlocked every month. This monthly liquidation system allows selling impacts of FTX\u2019s Solana holdings to be easily managed.\u00a0<\/span><\/p>\n

\"FTX<\/p>\n

FTT price steadies above $1 | Source: FTTBUSD on Tradingview.com<\/a><\/pre>\n
FTX Insolvency Court Case Still Ongoing<\/h2>\n
On November 11, 2022, FTX and a number of its affiliates filed for <\/span>bankruptcy<\/span><\/a> in Delaware, United States. At the time, the exchange <\/span>owed<\/span><\/a> a staggering $8 billion after it collapsed due to a liquidity crisis.\u00a0<\/span><\/p>\n
The crypto exchange is currently under investigation by the <\/span>United States Securities and Exchange Commission<\/span><\/a> (SEC) while its Founder and CEO, Sam Bankman Fried was <\/span>charged<\/span><\/a> on 13 accounts for alleged illegal proceedings he performed in FTX, five of which were later withdrawn in June.\u00a0<\/span><\/p>\n
Related Reading: Crypto CEO Bags Record Breaking Prison Sentence For $2 Billion Theft<\/a><\/div>\n
FTX liquidators are currently scheduled for a hearing on Wednesday, <\/span>September 13<\/span><\/a>. The result of the hearing may see the liquidators given clearance to begin liquidations immediately.\u00a0<\/span><\/p>\n
A <\/span>recent court filing<\/span><\/a> has also revealed that the bankrupt crypto exchange still holds assets worth $7 billion. Some of these assets include digital assets, venture investments, and reclaimed properties.<\/span><\/p>\n
Featured image from Watcher Guru, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In a completely unexpected move, Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX\u2019s considerable crypto assets worth billions of dollars.\u00a0 Justin Sun Considers Making A Bid For FTX Crypto Assets Justin Sun, Creator of Tron, one of the world\u2019s largest blockchain ecosystems, has hinted at the possibility of acquiring the assets of insolvent crypto exchange FTX. This statement comes a year after the crypto billionaire was contemplating a majority takeover of Huobi Global.\u00a0 Related Reading: Report Reveals The Stablecoins That Have Suffered The Most De-Peg Events According to data from Messari, a provider of market intelligence products, FTX liquidations hold a total of $1.3 billion in liquid crypto assets excluding stablecoins. The report revealed some of the largest holdings for FTX liquidators which include cryptocurrencies like Solana (SOL), Ethereum (ETH), Aptos (APT), Dogecoin (DOGE), Tron (TRX), and Polygon (MATIC). Given the considerable holdings, there have been fears that the market could witness a crash if the exchange were to start dumping its crypto assets. In response to this, Sun revealed in a post on X (formerly known as Twitter) that he was considering the possibility of purchasing FTX holdings. The Tron Founder explained that the reason behind it was to reduce their selling influence on the crypto market.\u00a0 \u201cContemplating an offer for FTX’s holding tokens and assets to reduce their selling impact on the crypto community. Let’s unite to bolster our crypto ecosystem,\u201d Sun stated.\u00a0 However, data from Messari revealed that FTX and Alameda\u2019s BTC holdings, which are approximately $353 million, account for only 1% of BTC\u2019s weekly trading volume, meaning the crypto market can easily handle selling impacts.\u00a0 Whereas, FTX\u2019s crypto holdings such as DOGE, TRX, and MATIC which range from $20 million to $30 million account for 6-12% of weekly trading volumes, and liquidations could significantly impact the crypto market.\u00a0 Most of FTX\u2019s SOL are also locked up in Alameda and FTX ventures, and they have a unique liquidation pattern, which allows only $9.2 million SOL to be unlocked every month. This monthly liquidation system allows selling impacts of FTX\u2019s Solana holdings to be easily managed.\u00a0 FTT price steadies above $1 | Source: FTTBUSD on Tradingview.com FTX Insolvency Court Case Still Ongoing On November 11, 2022, FTX and a number of its affiliates filed for bankruptcy in Delaware, United States. At the time, the exchange owed a staggering $8 billion after it collapsed due to a liquidity crisis.\u00a0 The crypto exchange is currently under investigation by the United States Securities and Exchange Commission (SEC) while its Founder and CEO, Sam Bankman Fried was charged on 13 accounts for alleged illegal proceedings he performed in FTX, five of which were later withdrawn in June.\u00a0 Related Reading: Crypto CEO Bags Record Breaking Prison Sentence For $2 Billion Theft FTX liquidators are currently scheduled for a hearing on Wednesday, September 13. The result of the hearing may see the liquidators given clearance to begin liquidations immediately.\u00a0 A recent court filing has also revealed that the bankrupt crypto exchange still holds assets worth $7 billion. Some of these assets include digital assets, venture investments, and reclaimed properties. Featured image from Watcher Guru, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":550984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3,87361],"tags":[6664,14690,71704,89272,12098,11808,89054,89361],"class_list":["post-550974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","category-ftx-ftt-bankman","tag-crypto","tag-crypto-news","tag-ftx","tag-ftx-news","tag-justin-sun","tag-tron","tag-tron-founder","tag-tron-news"],"acf":[],"yoast_head":"\nTron\u2019s Justin Sun Mulls Over Making A Move On FTX\u2019s Crypto Stash, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX\u2019s considerable crypto assets.\" 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Tron\u2019s Justin Sun Mulls Over Making A Move On FTX\u2019s Crypto Stash, Here\u2019s Why","url":"http:\/\/wncen.com\/news\/tron-justin-sun-ftx\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/tron-justin-sun-ftx\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Justin-Sun-Tron-FTX.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Justin-Sun-Tron-FTX.jpeg?fit=1284%2C797"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto news","ftx","ftx news","justin sun","tron","tron founder","tron news"],"dateCreated":"2023-09-12T21:00:23Z","datePublished":"2023-09-12T21:00:23Z","dateModified":"2024-06-11T08:04:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Tron\\u2019s Justin Sun Mulls Over Making A Move On FTX\\u2019s Crypto Stash, Here\\u2019s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/tron-justin-sun-ftx\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/tron-justin-sun-ftx\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Justin-Sun-Tron-FTX.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Justin-Sun-Tron-FTX.jpeg?fit=1284%2C797\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto news\",\"ftx\",\"ftx news\",\"justin sun\",\"tron\",\"tron founder\",\"tron news\"],\"dateCreated\":\"2023-09-12T21:00:23Z\",\"datePublished\":\"2023-09-12T21:00:23Z\",\"dateModified\":\"2024-06-11T08:04:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Justin-Sun-Tron-FTX.jpeg?fit=1284%2C797","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550974"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=550974"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550974\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/550984"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=550974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=550974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=550974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}