TRON Founder Justin Sun Intends to Buy FTX's Crypto Assets

TRON founder Justin Sun. (Photo; Doc. Crypto Valuta)

JAKARTA - Justin Sun, founder of TRON, has expressed interest in bidding for tokens and assets owned by the FTX crypto exchange which is facing bankruptcy.

According to Sun, this offer is being considered as an effort to reduce the impact of the sale of FTX assets on the broader crypto ecosystem. He shared his thoughts via a tweet on Twitter, inviting the crypto community to unite in strengthening the crypto ecosystem.

A recent court filing prepared for the creditors' meeting revealed that FTX's locked assets amounted to nearly 7 billion US dollars (IDR 107 trillion). This includes a crypto portfolio worth 3.4 billion US dollars (IDR 52.1 trillion), including large holdings in Solana (SOL) tokens worth around 1.2 billion US dollars (IDR 18.4 trillion).

These large holdings in SOL are of concern to many members of the crypto community who are wondering about their fate in the event of a massive sell-off. The filing also notes that FTX has additional assets worth 560 million US dollars (IDR 8.5 trillion) in Bitcoin (BTC) and 192 million US dollars (IDR 2.9 trillion) in Ethereum (ETH).

Apart from crypto assets, FTX also owns 38 properties in the Bahamas with a total value of around 199 million US dollars (around IDR 3 trillion). 15 of these properties are called Albany Marina Residences with a total value of 151 million US dollars (IDR 2.3 trillion), while the other 5 properties have a value of around 34 million US dollars (IDR 521 billion).

Another disclosure in the filing is that 46 FTX executives, including Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison, received various forms of compensation worth around USD 2.2 billion (IDR 33.7 trillion).

While financial transactions are the main focus in the FTX case, attention has also been drawn to Justin Sun's takeover of Huobi Exchange, which remains a source of controversy. Questions about Sun's financial capabilities for FTX's ownership bid and the regulatory requirements that may be required are matters to monitor in future developments.