{"id":35943,"date":"2022-11-22T22:52:07","date_gmt":"2022-11-22T22:52:07","guid":{"rendered":"http:\/\/egrowonline.com\/?p=35943"},"modified":"2022-11-22T22:52:07","modified_gmt":"2022-11-22T22:52:07","slug":"justin-sun-and-brad-garlinghouse-eye-ftx-assets","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=35943","title":{"rendered":"Justin Sun and Brad Garlinghouse Eye FTX Assets"},"content":{"rendered":"


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Tron CEO Justin Sun adds his voice to the growing chorus of crypto bosses eyeing FTX\u2019s assets after the exchange filed for bankruptcy in Nov. 2022.<\/strong><\/p>\n

Speaking with reporters, Sun confirmed that several associates were investigating FTX\u2019s assets but admitted that it could be some time before they are auctioned off.<\/p>\n

Justin Sun joins Garlinghouse in bid to acquire assets<\/h2>\n

Justin Sun\u00a0becomes<\/a>\u00a0the second crypto CEO interested in the assets of Sam Bankman-Fried\u2019s defunct FTX crypto empire. Before FTX filed for bankruptcy on Nov. 11, 2022, Ripple CEO Brad Garlinghouse\u00a0was interested<\/a>\u00a0in buying FTX\u2019s stakes in other companies and its institution-facing business. He later admitted that FTX\u2019s bankruptcy filing would complicate the acquisition process.\u00a0<\/p>\n

Ripple also has extended job offers to former FTX employees, provided they didn\u2019t work in compliance, finance, or ethics.<\/p>\n

Before filing for bankruptcy, FTX\u00a0signed an agreemen<\/a>t with Tron to help customers swap Tron tokens TRX<\/a>, BTT, JST, SUN, and HT held on FTX into self-custodial wallets.<\/p>\n

Justin Sun has a story of his own that started in China<\/h2>\n

Justin Sun said that the failure of FTX will dampen cryptocurrency enthusiasm in America.\u00a0<\/p>\n

The TRON<\/a> CEO has a storied history, starting when he covertly escaped China\u2019s ban on Initial Coin Offerings in 2017 to head for the sunny shores of San Francisco, a Mar. 2022 piece by The Verge<\/a>\u00a0reports<\/a>. Justin Sun had earlier run an initial coin offering<\/a> for\u00a0TRX.<\/a><\/p>\n

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He later co-invested in a crypto exchange Poloniex, joining investors to buy the company from stablecoin<\/a> issuer Circle.<\/p>\n

According to the Verge, the software holding up Poloniex was unusually written. Some customers deposited Bitcoin<\/a> into Tether<\/a> wallets, which engineers later discovered was worth around $20 million. The funds were hidden in what the report calls \u201cdigital crevices.\u201d They eventually landed in a Poloniex communal wallet<\/a>, The Verge reports.\u00a0<\/p>\n

While Justin Sun allegedly referred to the lost crypto as \u201cmy 300 Bitcoin,\u201d there is no evidence that the money made its way into his personal fortune, which Bloomberg reports is now worth $25 billion.<\/p>\n

\u201cIt\u2019s definitely a crime to\u00a0convert customer funds for personal use,<\/a>\u201d said UCLA professor Andrew Verstein.\u00a0<\/p>\n

Nevertheless, Justin Sun remains a controversial figure in the crypto industry. He reportedly repaired the breach between himself and the Chinese Communist Party by heading an academic initiative on blockchain development.\u00a0<\/p>\n

At the same time, he reportedly acquired a 60% stake in Huobi, a $300 million per day crypto exchange with origins in China that lists Sun as an adviser. He kept his name out of any deals to avoid falling afoul of the Chinese government, people familiar with the developments told\u00a0Bloomberg<\/a>. Sun has denied the allegations.<\/p>\n

Bankman-Fried looks to bail out FTX<\/h2>\n

Former FTX CEO Sam Bankman-Fried could\u00a0face<\/a>\u00a0criminal charges in the U.S. after allegations surfaced that he lent customer funds to sister trading firm Alameda Research. Bankman-Fried is apparently holed out in an\u00a0affluent Bahamas neighborhood<\/a>. FTX\u2019s U.S. bankruptcy hearing commenced in Delaware on Nov. 22, 2022.\u00a0<\/p>\n

He is reportedly trying to raise money to bail out FTX as a third party since he is no longer the company\u2019s CEO. After the bankruptcy filing, seasoned Enron bankruptcy guru John Ray<\/a> replaced Bankman-Fried.<\/p>\n

For Be[In]Crypto\u2019s latest\u00a0Bitcoin<\/a>\u00a0(BTC) analysis,\u00a0click here<\/a>.<\/strong><\/p>\n

Disclaimer<\/h3>\n

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.<\/p>\n<\/p><\/div>\n


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Tron CEO Justin Sun adds his voice to the growing chorus of crypto bosses eyeing FTX\u2019s assets after the exchange filed for bankruptcy in Nov. 2022. Speaking with reporters, Sun confirmed that several associates were investigating FTX\u2019s assets but admitted that it could be some time before they are auctioned off. Justin Sun joins Garlinghouse […]<\/p>\n","protected":false},"author":1,"featured_media":35944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[39],"tags":[1022,8623,3893,2258,8624,405,2866],"class_list":["post-35943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ico","tag-assets","tag-brad","tag-eye","tag-ftx","tag-garlinghouse","tag-justin","tag-sun"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/FTX-collapse-cover.jpg.webp.webp","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/35943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35943"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/35943\/revisions"}],"predecessor-version":[{"id":35945,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/35943\/revisions\/35945"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/35944"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35943"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}