TRON Founder Justin Sun Expresses Interest in Bidding for FTX Tokens and Assets - COINTURK NEWS
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TRON Founder Justin Sun Expresses Interest in Bidding for FTX Tokens and Assets

12:14 am (10 days ago)
September 12, 2023

Whenever there is a high amount of cryptocurrency involved, there is always someone willing to buy it! Justin Sun, the founder of TRON, hinted at his desire to bid for tokens and assets of the bankrupt cryptocurrency exchange FTX.

FTX Holds Significant Solana Holdings

According to the statements, Justin Sun considers the offer as a way to reduce the selling impact of the holdings on the wider crypto ecosystem. A new court filing prepared for the creditors’ meeting shows that the assets of the collapsed exchange are worth almost $7 billion. These include a crypto portfolio worth $3.4 billion, consisting of approximately $1.2 billion in SOL tokens from Solana.

These SOL tokens have become the largest crypto holding of FTX, and many members of the crypto community have been wondering what will happen to the crypto asset in the event of a large-scale sale. Additionally, the filing highlighted that the crypto firm holds $560 million in Bitcoin (BTC) and $192 million in Ethereum (ETH).

Former FTX Executives Have Massive Real Estate Assets

In addition, FTX owns 38 properties in the Bahamas, valued at a total of $199 million. It was notable that the crypto firm was based in the Bahamas almost a year before the explosion and started incorporating in Antigua and Barbuda during that time. Fifteen of these properties in the Bahamas are called Albany Marina Residences, and the other two are valued at $151 million and $34 million.

In addition to these real estate assets, it has been revealed that 46 FTX executives, including Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison, have received approximately $2.2 billion in cash, crypto, equity, and real estate.

The filing also shows that approximately $2.6 billion in cash has been secured since last year when the exchange applied for bankruptcy protection and asset liquidation. Although FTX’s financial transactions may be the biggest concern, Justin Sun does not seem to be free from complications.

The financial transactions overshadowing Sun’s acquisition of Huobi Exchange have continued to be controversial. Apart from whether he has the financial basis to finance potential FTX holding offers, what the industry may now have to carefully monitor is securing regulatory approval.

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