{"id":579664,"date":"2022-11-10T10:22:14","date_gmt":"2022-11-10T10:22:14","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=579664"},"modified":"2022-11-10T10:22:29","modified_gmt":"2022-11-10T10:22:29","slug":"justin-sun-hints-ftx-revival-solution","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/justin-sun-hints-ftx-revival-solution\/","title":{"rendered":"Justin Sun Hints At A Potential FTX Revival \u2018Solution\u2019 For $USDD"},"content":{"rendered":"\n<ul>\n<li>Tron founder Justin Sun tweeted that a solution was being put together with FTX to \u201cinitiate a path forward.\u201d<\/li>\n\n\n\n<li>He did not offer any more details and analysts are skeptical of whatever the plan is to rescue FTX. The TRON network\u2019s USDD token also depegged, putting stress on the network.<\/li>\n\n\n\n<li>Justin Sun had previously said that he was willing to spend up to $5 billion to help crypto firms.<\/li>\n<\/ul>\n\n\n\n<p>Tron founder Justin Sun is the latest to offer a solution for the FTX exchange. The crypto entrepreneur said on Twitter that a solution was being put together with FTX to initiate a path forward. He also revealed that TRX trading on FTX had resumed, with withdrawal services being worked on.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Further to my announcement to stand behind all Tron token (<a href=\"https:\/\/twitter.com\/hashtag\/TRX?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#TRX<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/BTT?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#BTT<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/JST?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#JST<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/SUN?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#SUN<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/HT?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#HT<\/a>) holders on <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#FTX<\/a>, we are putting together a solution together with <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#FTX<\/a> to initiate a pathway forward.  <a href=\"https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@FTX_Official<\/a><\/p>&mdash; H.E. Justin Sun\ud83c\udf1e\ud83c\uddec\ud83c\udde9\ud83c\udde9\ud83c\uddf2\ud83d\udd25 (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1590539831276634112?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 10, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Sun did not offer any information on what the solution was. The crypto community and market analysts are curious as to what Sun\u2019s solutions might be, and wonder if it is just a marketing stunt.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I never thought I\u2019d trust Justin Sun more than SBF but here we are<\/p>&mdash; Johnny (@CryptoGodJohn) <a href=\"https:\/\/twitter.com\/CryptoGodJohn\/status\/1590545536691544071?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 10, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Binance was going to acquire FTX, but backed out citing the latter\u2019s financial issues and <a href=\"https:\/\/en.ethereumworldnews.com\/ftx-sec-l-securities-law-violation\/\" target=\"_blank\" rel=\"noreferrer noopener\">investigations from agencies<\/a> in the United States. Sun\u2019s tweet came out only hours after Binance announced it was <a href=\"https:\/\/en.ethereumworldnews.com\/binance-might-not-buy-ftx\/\" target=\"_blank\" rel=\"noreferrer noopener\">backing out<\/a> of the deal. Binance CEO <a href=\"https:\/\/en.ethereumworldnews.com\/the-ftx-alameda-implosion-has-shaken-user-confidence-in-the-industry-binances-ceo-changpeng-zhao\/\" target=\"_blank\" rel=\"noreferrer noopener\">Changpeng Zhao<\/a> said it was a sad day but that the exchange tried.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Sad day. Tried, but \ud83d\ude2d<\/p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1590463239925944320?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 9, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The development adds to the drama surrounding the collapse of FTX, which has set the markets off on a downward spiral. The FTX token has fallen to $2.73, down nearly 97% from its all-time high.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img width=\"1024\" height=\"533\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-10_15-21-53-1024x533.png\" alt=\"Justin Sun to revive FTX\" class=\"wp-image-579670\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-10_15-21-53-1024x533.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-10_15-21-53-300x156.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-10_15-21-53-770x401.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-10_15-21-53-269x140.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-10_15-21-53-746x388.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/FTTUSDT_2022-11-10_15-21-53.png 1240w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3AFTTUSDT\" target=\"_blank\" rel=\"noreferrer noopener\">FTT Chart by TradingView<\/a><\/figcaption><\/figure><\/div>\n\n\n<p>It\u2019s still very early days in this saga of the market, and the full scale of what has happened at FTX is not yet known. There\u2019s no guarantee that Sun will end up okaying the revival plan for FTX and market enthusiasts will have to wait to see if the plan will go through.<\/p>\n\n\n\n<h2>Crypto Community Thinks It\u2019s a Publicity Stunt<\/h2>\n\n\n\n<p>Justin Sun, reminiscent of what FTX CEO Sam Bankman-Fried did earlier this year, said that might spend <a href=\"https:\/\/news.bloombergtax.com\/crypto\/justin-sun-says-ready-to-spend-5b-on-crypto-firms-the-block\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$5 billion<\/a> to save crypto firms. Now FTX is one of those companies that need saving and could have a shortfall of as much as $8 billion. In his own words, he said TRON was \u201cready to serve.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Don&#39;t worry Justin Sun and BitBoy will save us<\/p>&mdash; LONO.eth \u2656\u2656\u2656 (@WayofLono) <a href=\"https:\/\/twitter.com\/WayofLono\/status\/1590544497372729344?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 10, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>However, not everyone is convinced that Sun will be able to pull this off. The Tron network is experiencing trouble of its own, with the USDD stablecoin having depegged. The question is whether he has the resources to help the crypto ecosystem when the stablecoin is attempting to recover.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img width=\"1024\" height=\"536\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/USDDUSDT_2022-11-10_15-45-35-1024x536.png\" alt=\"Justin Sun&#039;s USDD depegs\" class=\"wp-image-579673\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/USDDUSDT_2022-11-10_15-45-35-1024x536.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/USDDUSDT_2022-11-10_15-45-35-300x157.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/USDDUSDT_2022-11-10_15-45-35-770x403.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/USDDUSDT_2022-11-10_15-45-35-269x141.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/USDDUSDT_2022-11-10_15-45-35-746x390.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/11\/USDDUSDT_2022-11-10_15-45-35.png 1238w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3AFTTUSDT\" target=\"_blank\" rel=\"noreferrer noopener\">USDD\/USDT Chart by TradingView<\/a><\/figcaption><\/figure>\n\n\n\n<p>This is not the first time that Sun has made a sensational remark like this. In early October, the Tron founder <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1577158215271608321\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">tweeted<\/a> that he was interested in buying the assets or shares of beleaguered global investment bank Credit Suisse.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tron founder Justin Sun is the latest to offer a solution for the FTX exchange. The crypto entrepreneur said on Twitter that a solution was being put together with FTX to initiate a path forward. He also revealed that TRX trading on FTX had resumed, with withdrawal services being worked on. Sun did not offer any information on what the solution was. The crypto community and market analysts are curious as to what Sun\u2019s solutions might be, and wonder if [&hellip;]<\/p>\n","protected":false},"author":52,"featured_media":574281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[947,2,4657],"tags":[48,83,7704,1057,1036,108504],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579664"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=579664"}],"version-history":[{"count":5,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579664\/revisions"}],"predecessor-version":[{"id":579675,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/579664\/revisions\/579675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/574281"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=579664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=579664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=579664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}