TRON Founder Justin Sun Eyes Bid for FTX Assets

Justin Sun, the founder of TRON, has hinted at a desire to bid on tokens and assets belonging to the defunct cryptocurrency exchange FTX.

According to Sun, he is considering the offer as a means of mitigating the impact of the holdings’ sale on the broader cryptocurrency ecosystem. A recent court filing that was prepared for a creditors meeting indicates that the beleaguered exchange’s assets are worth almost $7 billion.

There are approximately $1.2 billion worth of Solana (SOL) tokens included in this $3.4 billion crypto portfolio. These SOL tokens turned out to be FTX’s largest cryptocurrency holding, and many members of the crypto community have pondered what would happen to the digital asset in the event of a widespread selloff.

In addition, the filing revealed that the crypto company possesses $560 million in Bitcoin (BTC) and $192 million in Ethereum (ETH). Additionally, FTX possesses 38 properties in the Bahamas that have been collectively valued at $199 million.

Notably, the crypto company was headquartered in the Bahamas until it collapsed almost a year ago, at which point it was just beginning to incorporate in Antigua and Barbuda.

15 of these properties in the Bahamas are named Albany Marina Residences and are valued at $151 million, while the remaining 5 properties are valued at $34 million.

In addition to these real estate assets, it was revealed that 46 FTX executives, including Sam Bankman-Fried, Nishad Singh, Zixiao Gary Wang, and Caroline Ellison, received approximately $2.2 billion worth of cash, cryptocurrency, equity, and real estate.

Since the exchange filed for bankruptcy protection and liquidation of its assets a year ago, nearly $2.6 billion in cash has been secured, according to the filing.

Even though FTX’s financial transactions were its greatest weakness, Justin Sun is not devoid of complications. The financial transactions that obscured the Sun’s acquisition of Huobi Exchange remain controversial to this day.

Whether or not he has the financial resources to finance prospective bids for FTX holdings is one thing; obtaining regulatory approval is what the industry must now closely monitor.