In the wake of Binance canceling all future relationships with FTX exchange, Justin Sun, the founder of Tron, has alluded to a prospective collaboration with the cryptocurrency exchange.
The founder of Tron Justin Sun stated that his team is collaborating with all FTX TRX holders while the cryptocurrency exchange struggles with a severe liquidity shortage. He further stated that they are collaborating with FTX to launch a “way forward.”
Justin Sun also alluded to a future collaboration with FTX in further tweets. He stated:
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.
Sam Bankman-Fried, the CEO of FTX, also tweeted the exact same message. It will be fascinating to watch if Justin Sun approaches the exchange about a potential takeover.
The hole on FTX’s and Alameda’s balance sheets appears larger than anticipated with heavyweights like Binance behind it. The challenges are beyond our control or capacity to assist, Binance stated. “In the beginning, our objective was to be able to support FTX’s clients to provide liquidity.”
Sam Bankman-Fried is left with little choice but to look into other potential investors after Binance canceled the contract with FTX. SBF stated in a letter to staff that was viewed by Reuters:
“I’m working on the following steps in this situation as rapidly as I can. I wish I could be more clear with you all than I am. He continued by saying that safeguarding his customers, employees, and investors is his top priority. Added by SBF
“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.”
