Justin Sun is open to buying FTX assets: WSJ

Summary:

• Tron founder Justin Sun said his team was in the Bahamas where FTX is based to evaluate a potential deal.
• Sun noted that the process might be long especially since Sam Bankman-Fried’s company already filed for bankruptcy.
• The billionaire digital currency proponent opined that FTX’s contagion will hurt crypto’s image in mainstream society.

Justin Sun told reporters that a deal to scoop up FTX assets could happen a few days after Sam Bankman-Fried’s crypto exchange passed through its first round of bankruptcy proceedings.

“We are open to any kind of deal,” Sun said on Tuesday to reporters in Singapore, Wall Street Journal reported. The Tron founder also disclosed that a team was on-ground in the Bahamas in a bid to evaluate a possible 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.

Sun tweeted plans to aid FTX after the exchange collapsed and paused withdrawals. The Huobi advisor also announced that Tron DAO Reserve – the decentralized autonomous organization tasked with managing USDD’s reserves – would buy $1 billion of Tether’s USDT stablecoin.

Justin Sun further opined that FTX’s failure will cast a dark shadow on crypto in “mainstream American society”. Notably, FTX founder Sam Bankman-Fried was a regular face in Washinton DC, supposedly advocating for crypto adoption and a digital asset bill that drew heavy critique from the crypto community.