Justin Sun, the Tron project’s founder, has recently expressed his intention to purchase the crypto assets possessed by FTX. He took to his official account on X and expressed this idea, pointing out that this would minimize the selling effect on the community. Sun is not aloof in the case of such ventures. Because of the crypto project that Sun established, his crypto holdings are reportedly huge.
Contemplating an offer for FTX's holding tokens and assets to reduce their selling impact on the crypto community. Let's unite to bolster our crypto ecosystem!🙏— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 11, 2023
Tron’s Justin Sun Expresses a Plan to Buyout Crypto Assets Owned by FTX
In this way, he always utilizes some of the respective holdings for making investments. He also utilizes the respective funds to support struggling businesses within the crypto sector. On the contrary, he would lose a lot in the case of a collapse in the crypto industry. For instance, TRX (the native crypto token of Tron) has witnessed huge losses in terms of its value.
It capitalizes nearly $7 billion while the losses accounted for seventy-four percent of the token’s market since early 2018. On the other hand, it lost up to fifty-one percent since reaching the highs of the year 2021’s huge rise. Irrespective of this, the founder of Tron still has a place among the richest crypto-holding people around the world.
The impact of the FTX Assets’ Sale Remains Ambiguous
As per recent reports, just twenty-two people hold a minimum of up to $1B in cryptocurrencies. Additionally, 88,000 people hold a minimum of $1M worth of crypto. Even though the respective billionaires’ names are unknown, Justin Sun has likely kept a spot among them.
The now-defunct crypto exchange FTX was quite famous before its bankruptcy last year. The data reveal that the platform still possesses $3.4B worth of crypto. The SOL token accounts for fifty percent of the respective worth. At present, it is ambiguous to what extent prices could plunge if FTX carries out a massive sale.
As of August 31, FTX held a total of US$3.4 billion in crypto assets, including:— Wu Blockchain (@WuBlockchain) September 11, 2023
US$1.16 billion SOL
$560 million BTC
$192 million ETH
$137 million APT
$120 million USDT
$119 million XRP
$49 million BIT
$46 million STG
$41 million WBTC
$37 million WETH. Read more… pic.twitter.com/fJ7ntAiEdk
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