Tron Foundation founder Justin Sun told Bloomberg journalist Tom Mackenzie that he was prepared to provide FTX with a billion-dollar aid.
@justinsuntron tells me he’s prepared to provide FTX with billions in aid
\”need to do full diligence\”
\”good moment to show unity in crypto industry\” @FTX_Official @SBF_FTX #exclusive https://t.co/B3wUUbx4gB— Tom Mackenzie (@TomMackenzieTV) November 11, 2022
According to the journalist, Sun said that there was a need to exercise due diligence and a ‘good moment to demonstrate unity in the crypto industry’.
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On November 6, Binance chief Changpen Zhao said that the exchange aimed to shed the FTX utility token (FTT). Assets together with BUSD, totaling about $2.1 billion, were the result of the company’s exit from its portfolio investment in the platform.
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Against concerns about FTX’s financial stability, the price of FTT over several hours plunged by nearly 30%.
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On November 8, Sam Bankman-Fried and Changpeng Zhao announced a strategic partnership. It was aimed at resolving the liquidity crisis and contemplated a possible takeover of the FTX exchange by Binance. However, by November 10 the latter walked away from the deal.
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Following this Sun said that, together with FTX, they were developing a solution that would allow them to move forward. He did not specify what exactly the initiative entailed.
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As reported by WSJ sources, FTX provided client funds to Alameda Research to finance risky operations, which led to the platform’s collapse.
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