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In a completely unexpected move, Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX\u2019s considerable crypto assets worth billions of dollars.\u00a0<\/span><\/p>\n Justin Sun, Creator of Tron, one of the world\u2019s largest blockchain ecosystems, has hinted at the possibility of acquiring the assets of insolvent crypto exchange FTX. This statement comes a year after the crypto billionaire was contemplating a <\/span>majority takeover of Huobi Global<\/span><\/a>.\u00a0<\/span><\/p>\n According to <\/span>data from Messari<\/span><\/a>, a provider of market intelligence products, FTX liquidations hold a total of $1.3 billion in liquid crypto assets excluding stablecoins. The report revealed some of the largest holdings for FTX liquidators which include cryptocurrencies like Solana (SOL), Ethereum (ETH), Aptos (APT), Dogecoin (DOGE), Tron (TRX), and Polygon (MATIC).<\/span><\/p>\n Given the considerable holdings, there have been fears that the market could witness a crash if the exchange were to start dumping its crypto assets. In response to this, Sun revealed in a <\/span>post<\/span><\/a> on X (formerly known as Twitter) that he was considering the possibility of purchasing FTX holdings.<\/span><\/p>\n The Tron Founder explained that the reason behind it was to reduce their selling influence on the crypto market.\u00a0<\/span><\/p>\n \u201cContemplating an offer for FTX\u2019s holding tokens and assets to reduce their selling impact on the crypto community. Let\u2019s unite to bolster our crypto ecosystem,\u201d Sun stated.\u00a0<\/span><\/p>\n However, data from Messari revealed that FTX and Alameda\u2019s BTC holdings, which are approximately $353 million, account for only 1% of BTC\u2019s weekly trading volume, meaning the crypto market can easily handle selling impacts.\u00a0<\/span><\/p>\n Whereas, <\/span>FTX\u2019s crypto holdings<\/span><\/a> such as DOGE, TRX, and MATIC which range from $20 million to $30 million account for 6-12% of weekly trading volumes, and liquidations could significantly impact the crypto market.\u00a0<\/span><\/p>\n Most of FTX\u2019s SOL are also locked up in Alameda and FTX ventures, and they have a unique liquidation pattern, which allows only $9.2 million SOL to be unlocked every month. This monthly liquidation system allows selling impacts of FTX\u2019s Solana holdings to be easily managed.\u00a0<\/span><\/p>\n<\/p>\n On November 11, 2022, FTX and a number of its affiliates filed for <\/span>bankruptcy<\/span><\/a> in Delaware, United States. At the time, the exchange <\/span>owed<\/span><\/a> a staggering $8 billion after it collapsed due to a liquidity crisis.\u00a0<\/span><\/p>\n The crypto exchange is currently under investigation by the <\/span>United States Securities and Exchange Commission<\/span><\/a> (SEC) while its Founder and CEO, Sam Bankman Fried was <\/span>charged<\/span><\/a> on 13 accounts for alleged illegal proceedings he performed in FTX, five of which were later withdrawn in June.\u00a0<\/span><\/p>\n FTX liquidators are currently scheduled for a hearing on Wednesday, <\/span>September 13<\/span><\/a>. The result of the hearing may see the liquidators given clearance to begin liquidations immediately.\u00a0<\/span><\/p>\nJustin Sun Considers Making A Bid For FTX Crypto Assets<\/h2>\n
FTT price steadies above $1 | Source: FTTBUSD on Tradingview.com<\/a><\/pre>\n
FTX Insolvency Court Case Still Ongoing<\/h2>\n