Justin Sun May Purchase Assets From FTX

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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. 
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