Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects
Key Points:
- Justin Sun, organizer behind TRON, is examining a delicate proposal for TRX tokens held by FTX to moderate their effect on the crypto local area when sold.
- As of August 31, 2023, FTX had approximately $3.4 billion in highly liquid cryptocurrencies and planned to sell them at a rate of $100-200 million per week, subject to court approval.
- Sun had recently offered help to FTX during an emergency last year and vowed to help Sun coin holders impacted by FTX’s hardships.
Justin Sun, the TRON founder and a member of the Huobi Global Advisory Committee, recently mentioned the possibility of a tender offer for FTX’s TRX tokens, with the intention of minimizing the impact on the cryptocurrency community when these tokens are eventually sold.
This improvement follows reports submitted to the US insolvency court on September 11, which shed light on FTX’s resource reclamation progress. As of August 31, 2023, FTX’s property contained roughly $3.4 billion in exceptionally fluid digital forms of money.
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The unit liable for dealing with FTX’s resources is intending to sell these profoundly fluid crypto resources, focusing on a week after week deal esteem going from $100 million to $200 million.
In any case, the outcome of this plan depends on court endorsement, with a basic preliminary set for September 13. Similar to Solana, where FTX’s SOL assets are locked and will be gradually released between 2027 and 2028, the sale is also uncertain.
Notably, Justin Sun had previously indicated that he would be willing to significantly assist the troubled cryptocurrency exchange FTX when it encountered difficulties last year.
He also said he would compensate Sun coin holders who were hurt by the FTX crisis and save them, showing that he was going to help the crypto community through difficult times.
Cryptocurrency enthusiasts and market observers are eagerly awaiting the outcome of FTX’s asset sale plan as the situation develops because they recognize its potential significance in the shifting crypto landscape.
