Justin Sun and his associates are reportedly evaluating the possibilities of purchasing assets from the recently collapsed FTX crypto exchange.
Tron’s founder and former CEO, Justin Sun, could be looking into buying assets belonging to the beleaguered and now bankrupt crypto exchange FTX. According to a Wall Street Journal report, Mr Sun and his associates were evaluating whether it was possible to buy some of the assets belonging to FTX.com.
‘We are open to any kind of deal. I think all the 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,’ Justin Sun told reporters in Singapore.
In an additional statement, Justin Sun said that the teams from both Tron and Huobi were in the Bahamas for talks with FTX regarding a possible way forward.
Sam Bankman-Fried’s Missteps Could Hurt the Crypto Industry
Mr Sun added that the unfortunate events surrounding FTX could have long-lasting adverse effects on the crypto industry in the eyes of regulators, institutional investors and others.
He explained, ‘The fall of SBF will leave a very negative impression on mainstream American society about the cryptocurrency industry.’
Justin Sun’s statement on the potential long-term effects of FTX’s collapse echoes similar comments by Su Zhu, the co-founder of collapsed crypto hedge fund Three Arrows Capital. Mr Zhu shared his insights into the far-reaching consequences of the actions of Sam Bankman-Fried during a rare in-person interview with Bloomberg in Abu Dhabi, where he said that the FTX collapse set the crypto industry five years back.
He explained, ‘Some industry leaders have said the FTX collapse set the industry back by five years. I think it’s even longer than that, seven or eight years, maybe even longer, if the underlying issues aren’t solved.’