Tron Founder Contemplating Buying FTX’s Assets to Reduce Selling Impact
Justin Sun, founder of Tron and shareholder of Huobi, is considering purchasing FTX’s assets to minimize their impact on the crypto community. In a tweet, Sun expressed his interest in buying FTX’s holding tokens and assets. This comes as FTX, a bankrupt crypto exchange, plans to sell its crypto assets worth $3.4 billion.
Market Concerns Over Potential Sell-Off
The bankruptcy of FTX has raised fears of a market crash. FTX has selected Galaxy Digital to assist with the sale, staking, and hedging of its crypto assets. Market participants are concerned that the impending liquidation could lead to significant selling pressure.
Main Assets and Rumors
FTX’s crypto portfolio includes Solana (SOL), accounting for the largest share at $680 million, followed by the exchange’s native token FTT, Bitcoin, Ethereum, and Aptos. There have been rumors that FTX might sell its SOL holdings, which has caused panic among investors. However, it should be noted that FTX cannot sell all of its SOL at once due to the asset being locked up with a monthly unlocking schedule until 2028.
Hot Take: Potential Impact on the Crypto Market
Justin Sun’s potential purchase of FTX’s assets could alleviate concerns of a market crash. By acquiring the assets, Sun aims to reduce the selling impact on the crypto community. This move could provide stability to the market and prevent panic selling. As the market awaits the court hearing on September 13 regarding FTX’s liquidation, the crypto community will be closely watching the outcome and any potential implications for the overall market.
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