Tron founder Justin Sun’s plans to save FTX include debt, equity investments and a full takeover, he told BloombergTV on Friday, Asia time, but declined to give further details.
- The Tron founder said he is currently unsure of the amount required to save the beleaguered exchange, but estimates it to be in the billions.
- The figure has been increasing through the week, with Reuters reporting on Friday that FTX is on a US$9.4 billion raise.
- Sun said his current priority is the evaluation of the situation.
- “Basically we will take care of our customer first, and then we will start to measure [the situation], start to see what we can do here; basically we don’t wanna commit too much in the first step,” said Sun, who claimed he is taking a different approach to help FTX than that attempted by Binance.
- Sun is the second white knight for FTX, after Changepeng Zhao and his exchange, Binance, abandoned rescue efforts after reviewing FTX’s finances.
- On Thursday, Tron set up a credit facility that allows FTX customers that hold Tron-based tokens, TRX, BTT, JST, SUN and HT, to swap assets from the exchange 1:1 to external wallets.
See related article: FTX liquidity crunch leads to contagion fears; Friday updates and running commentary