Justin Sun and Brad Garlinghouse Eye FTX Assets


Tron CEO Justin Sun adds his voice to the growing chorus of crypto bosses eyeing FTX assets after the exchange filed for bankruptcy in November 2022.

Speaking to reporters, Sun confirmed that several associates were looking into FTX’s assets, but conceded that it could be some time before they are auctioned off.

Justin Sun joins Garlinghouse in offer to acquire assets

justin sun becomes the second crypto CEO interested in the assets of Sam Bankman-Fried’s defunct FTX crypto empire. Before FTX filed for bankruptcy on November 11, 2022, Ripple CEO Brad Garlinghouse I was interested in FTX’s purchase of stakes in other companies and its institutional-oriented business. He later admitted that FTX’s bankruptcy filing would complicate the acquisition process.

Ripple has also extended job offers to former FTX employees, as long as they have not worked in compliance, finance, or ethics.

Before filing for bankruptcy, FTX signed an agreementt with Tron to help clients trade Tron tokens TRXBTT, JST, SUN and HT held on FTX in self-custodial wallets.

Justin Sun has a story of his own that began in China

Justin Sun said that the failure of FTX will dampen enthusiasm for cryptocurrencies in the United States.

the TRON The CEO has a storied history, beginning when he covertly escaped China’s ban on Initial Coin Offerings in 2017 to head to the sunny shores of San Francisco, a March 2022 article by The Edge reports. Justin Sun had previously directed a initial coin offering by TRX.

He later co-invested in a crypto exchange Poloniex, joining investors in buying the company from stablecoin emitting circle.

According to The Verge, the software that powered Poloniex was unusually written. Some customers deposited Bitcoin within Tie wallets, which engineers later found out were worth around $20 million. The funds were hidden in what the report calls “digital cracks.” They eventually landed in a Poloniex commune. pursereports The Verge.

While Justin Sun reportedly referred to the lost crypto as “my 300 Bitcoin,” there is no evidence that the money made it to his personal fortune, which Bloomberg reports is now worth $25 billion.

“It’s definitely a crime. convert client funds for personal use,said UCLA professor Andrew Verstein.

However, Justin Sun remains a controversial figure in the crypto industry. He reportedly mended the rift between himself and the Chinese Communist Party by spearheading an academic initiative on blockchain development.

At the same time, it reportedly acquired a 60% stake in Huobi, a $300 million-a-day crypto exchange with origins in China that lists Sun as an adviser. He kept his name out of any dealings to avoid running afoul of the Chinese government, people familiar with the events said. Bloomberg. Sun has denied the allegations.

Bankman-Fried seeks to bail out FTX

Former FTX CEO Sam Bankman-Fried could expensive criminal charges in the US after allegations surfaced that it lent client funds to sister trading firm Alameda Research. Bankman-Fried is apparently hiding in a prosperous neighborhood of the Bahamas. FTX’s US bankruptcy hearing began in Delaware on November 22, 2022.

He is reportedly trying to raise money to bail out FTX as a third party since he is no longer the CEO of the company. After declaring bankruptcy, longtime Enron bankruptcy guru John Ray replaced Bankman-Fried.

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