Justin Sun to spend up to $5 billion to rescue crypto firms

TRON founder Justin Sun said he was prepared to commit up to $5 billion to rescue crypto companies amid a crisis in the digital-asset market. The Block reports this.

According to Sun, many companies have already sought help following his tweet.

We are friends with everyone and are always ready to serve. https://t.co/WBXwG5GDqL

— H.E. Justin Sun (@justinsuntron) July 8, 2022

Sun said TRON had engaged an investment bank to advise on potential deals. He declined to name the financial institution because of a nondisclosure agreement.

The $5 billion will comprise Sun’s personal funds as well as TRON assets. He also noted interest in platforms with large audiences.

“I think the current deleveraging process has passed its worst phase. So we simply need to clean up and move on. Of course, I don’t think the market will be super-bullish,” Sun said.

In May, FTX CEO Sam Bankman-Fried promised to spend «billions» on acquiring stakes in other companies.

In June, Binance CEO Changpeng Zhao described the crypto winter as an opportune time for further business development through a series of acquisitions. In July, he spoke of ‘rescue talks’ with more than 50 companies.

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