Justin Sun, the creator of the Tron blockchain ecosystem, said he is ready to back struggling crypto companies with FTX's Sam Bankman-Fried and Binance's Changpeng Zhao, and could spend as much as $5 billion on acquisitions.
In a tweet earlier today, Sun Yang told the media that "many" companies have reached out to Justin Sun and Tron for help, saying he is "ready to serve."
FTX has provided credit services to companies like Voyager Digital and BlockFi as the cryptocurrency market has slumped, leading Bankman-Fried to compare FTX to John Pierpont Morgan's efforts to support financial firms in the early 20th century. Likewise, Binance CEO Changpeng Zhao recently said that dozens of crypto companies are seeking help from the exchange operator because it “is the largest cash reserve in the industry.”
It now appears that Justin Sun wants to be a part of it, too.
When asked how many companies have contacted him or Tron, compared to the 50 to 100 numbers claimed by Binance, Justin Sun said that TRON’s numbers are similar.
"We are actively reviewing to see what we can do," Sun said. "We're ready to spend $5 billion to help industry builders keep building."
investment bank
Justin Sun said TRON is hiring an investment bank to advise on a potential deal, but he declined to name it, citing a non-disclosure agreement.
When asked if the $5 billion figure was his personal money or Tron’s money, Justin Sun said it was a combination of both. Justin Sun added that both he and Tron are targeting healthy businesses as well as struggling ones and will conduct due diligence before striking any deals. According to Tron’s website, the company’s DAO has $2.3 billion in reserves.
"We are interested in platforms with a large user base," Sun said. “Whether it’s a CeFi or a DeFi platform.”
Regarding the current market downturn, Justin Sun believes that the worst period has passed.
“I think the worst is over for the deleveraging process right now. So we just have to clean it up and move on. Of course, I don’t think the market is going to be super bullish.”
Thailand tightens controls on unlicensed crypto exchanges to combat financial crimes, urging public to withdraw funds and verify platform licenses to enhance safety and compliance.
MiyukiAs funds continue to flow out for the second consecutive week, global cryptocurrency funds are experiencing market uncertainty. Investors are worried about the long-term implementation of the Federal Reserve's high-interest rate policy, leading to decreased demand for cryptocurrency ETFs. Particularly in the U.S., ETFs suffered a withdrawal of $244 million.
AlexGeoff Kendrick, Head of Digital Asset Research at Standard Chartered, stated that due to the bullish setup of cryptocurrencies, Bitcoin's price could still more than double this year. Kendrick reaffirmed the company's price target of $150,000 during an interview with BNN Bloomberg last week, indicating a 127% increase in Bitcoin by the end of this year.
MiyukiProminent cryptocurrency founder MaxBecauseBTC predicts a bullish future for Dogecoin, which could potentially lead to increases in other altcoins.
WeiliangThe 12 projects, now defunct, collectively raised $26.7 million through a controversial fundraising technique called a presale.
CatherineBinance is sued for selling unregistered crypto derivatives, violating securities laws, with ongoing investigations by Ontario's authorities.
AlexVenezuelan Oil Minister Pedro Tellechea has affirmed the nation's embrace of diverse currencies, including digital ones, as outlined in contractual agreements.
KikyoMelania Trump steps up in support of her husband's struggling NFT ventures, launching her own successful collections, showcasing resilience and dedication. Donald Trump's crypto holdings, including a significant stake in MAGA Coin, raise questions amidst the couple's foray into NFTs and potential political ambitions.
WeatherlyThe International Monetary Fund has revealed in its latest report that Bitcoin has become an essential financial tool for preserving wealth.
MiyukiChina and Russia have almost entirely abandoned the US dollar in all bilateral trade, paving a profitable path for the yuan.
Weiliang