Key Points:
Justin Sun, founder of TRON, is contemplating a tender offer for TRX tokens held by FTX to mitigate their impact on the crypto community when sold. FTX holds approximately $3.4 billion in highly liquid cryptocurrencies as of August 31, 2023, with plans to sell them at a rate of $100–200 million per week, pending court approval. Sun had previously offered support to FTX during a crisis last year and pledged to assist Sun coin holders affected by FTXs difficulties.
Justin Sun, the founder of TRON and a member of the Huobi Global Advisory Committee, recently hinted at a potential tender offer for TRX tokens held by FTX, aiming to minimize the impact on the cryptocurrency community when these tokens are eventually sold.
This development follows documents submitted to the US bankruptcy court on September 11, which shed light on FTX‘s asset restoration progress. As of August 31, 2023, FTX’s holdings comprised approximately $3.4 billion in highly liquid cryptocurrencies.
The unit responsible for managing FTXs assets is planning to sell these highly liquid crypto assets, targeting a weekly sale value ranging from $100 million to $200 million.
However, the success of this plan hinges on court approval, with a critical trial set for September 13. There‘s also uncertainty surrounding the sale, similar to the case of Solana, where FTX’s SOL assets are locked and will be gradually released between 2027 and 2028.
Notably, Justin Sun had previously expressed his readiness to provide substantial aid to the distressed cryptocurrency exchange, FTX, when it faced challenges last year.
Additionally, he pledged to compensate and rescue Sun coin holders affected by the FTX crisis, signaling his commitment to supporting the crypto community during turbulent times.
As the situation unfolds, cryptocurrency enthusiasts and market observers eagerly await the outcome of FTXs asset sale plan, recognizing its potential significance in the evolving crypto landscape.