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. 

The post Justin Sun May Purchase Assets From FTX appeared first on CryptoPotato.

Related Posts

Regulators face public ire after FTX collapse, experts call for coordination

U.S regulators and their failure to avoid another crypto contagion have raised a lot of questions over their credibility. 2022 is nearing an end and might go…

Addresses That Sat Idle for Years Transferred 1,221 Bitcoins Worth $20M Over the Last 4 Days

During the last seven days, bitcoin’s price has remained above the $16K region following the aftermath of FTX’s collapse. Since then, a number of ‘sleeping bitcoins’ that…

Are Metacities a Step Forward in the Metaverse, or Just a Pipe Dream?

Mark Zuckerberg’s announcement of a Facebook rebrand and his concept of a Metaverse has spurred advances in the sector, including the rise of “metacities Facebook became Meta,…

SBF Says FTX Customers Deposited Around $5B Into Alameda-Controlled Account

Sam Bankman-Fried said he could not explain how billions of customer funds were missing at Alameda. SBF added that customer funds deposited into FTX might have been…

Elon Musk Says SBF Donations to Democrats ‘Probably’ Over $1 Billion

Elon Musk has alleged that the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, has donated over a billion dollars to the Democratic party to support…

Crypto Lender Genesis Owes Crypto Exchange Gemini Clients $900M, FT Report

Crypto lender Genesis owes US-based crypto exchange Gemini customers $900 million, according to a December 3 Financial Times report. The report revealed that Gemini had formed a…

Generated by Feedzy