Tron's Justin Sun Says Working With FTX to 'Initiate Pathway Forward' After Binance Fallout

Tron's Justin Sun Says Working With FTX to 'Initiate Pathway Forward' After Binance Fallout

H.E. Justin Sun, the founder of Tron TRX/USD blockchain, said on Wednesday that he is working on a solution to rescue the embattled cryptocurrency exchange FTX FTT/USD.

What Happened: In a tweet, Sun said, “we are putting together a solution ... with FTX to initiate a pathway forward.” He said that his team has been “working around the clock to avert further deterioration”, adding that he has faith that the “situation is manageable”.

See More: How to Use Binance Smart Chain 

In subsequent tweets, the TRX founder noted that  the “ongoing liquidity crunch, despite short term in nature, is harmful to the industry development and investors alike.” 

Sun’s tweet has been retweeted by FTX’s CEO Sam Bankman-Fried — making this his first action on Twitter since he made it public that Binance had agreed to acquire FTX. However, the proposal fell apart, with Binance saying FTX’s issues were beyond its control.

Meanwhile, Sun did not provide any further details about the solution and how he plans to mitigate FTX from the engulfing crisis.

Price Action: FTX is trading at $2.36, down by 45% in the last 24 hours. At the time of writing, TRX was trading at $0.0596, down 3.41% in the last 24 hours, according to Benzinga Pro.

Read Next: Binance Tops Up $1 Billion SAFU Fund to Protect User Assets

Photo courtesy: Tron DAO

 
Posted In: Justin SunSam Bankman-FriedCryptocurrencyNewsMarkets