Justin Sun Hinting At A Potential Partnership With FTX

FTX chief Sam Bankman-Fried is now in a critical situation after Binance called off the possibility of any potential partnership with FTX. Hours after Binance backed out, Tron founder Justin Sun hinted at a potential partnership with crypto exchange FTX.

The Tron founder said that his team is working with all TRX holders on FTX as the crypto exchange faces a massive liquidity crunch. He also added that they are working with FTX to initiate a “path forward”.

In additional tweets, Justin Sun also hinted at a potential partnership with FTX. He wrote:

The ongoing liquidity crunch, despite short term in nature, is harmful to the industry development and investors alike. My team has been working around the clock to avert further deterioration. I have faith that the situation is manageable following the wholistic approach together with our partners. Stay tuned #TRON @FTX_Official. 

The same tweet has also been re-tweeted by FTX chief Sam Bankman-Fried. It would be interesting to see whether Justin Sun will make any potential takeover bid to FTX. With giants like Binance backing, the hole on FTX’s and Alameda’s balance sheets appear larger than expected. Binance said: “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help”.

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FTX Chief Exploring All Options

As Binance called off the deal with FTX, Sam Bankman-Fried has been left with no option but to explore any other potential investors. In a message to FTX employees seen by Reuters, SBF said:

“I’m working, as quickly as I can, on the next steps here. I wish I could give you all more clarity than I can”. He further added that his primary goal is to protect his consumers as well as his staff and investors. SBF added:

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“I’ll keep fighting for those (goals), as best as I can, as long as it’s correct for me to. I’m exploring all the options. I’m deeply sorry that we got into this place, and for my role in it. That’s on me, and me alone, and it sucks, and I’m sorry, not that it makes it any better.”

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.