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Justin Sun Likely to Purchase Assets From FTX

Crypto entrepreneur, Justin Sun, is allegedly evaluating FTX’s assets for potential purchase.

According the Wall Street Journal, Sun disclosed on Tuesday that he is ready for “any kind of deal,” with FTX, 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.

As at last week, FTX successfully closed its first round of bankruptcy proceedings.

As contained Filings, the FTX Group cumulatively held $1.24 billion in cash reserves and the FTX exchange held zero Bitcoin on its balance sheet.

The troubled crypto exchange currently owes a whooping $3.1 billion to its 50 largest creditors alone.

Bahamas regulators claimed to have directed FTX to transfer $500 million in assets to its own digital wallet for safekeeping.

Sun, the crypto billionaire, added that he had representatives active in Bahamas from both Tron and Huobi to discuss their deal.

There was also a trending rumour early last month, revealing Sun’s plan for an FTX purchase.

This rumour was followed by leaked internal messages which showed Sam Bankman-Fried implying to FTX that he was in talks with Sun for a potential raise.

Although Sun had admitted on Twitter to “putting together a solution with FTX to initiate a path forward,” a day earlier.

Sun is not the only one wanting to purchase the troubled crypto exchange, Ripple’s CEO also has an eye on FTX.

The crypto space has never been the same after the FTX fiasco, with investors predicting more fall of centralized exchanges (CEX).

Also read: JP morgan to create new crypto wallet 

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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