Is Justin Sun co-founder of TRON the long-awaited savior of FTX?
New York City: Today, Justin Sun, the inventor of Tron, gave users of FTX his assurance that the norms will soon be reinstated in a tweet. The comments made by the inventor of Tron caused the value of currencies associated to Sun, which are now stuck on the cryptocurrency market FTX, to surge. He has emerged as the next possible savior of FTX since Justin Sun, the creator of Tron, said that a solution was being created to enable users to “return to normality.” This positioned him to become the next potential savior of FTX.
Following the collapse of Binance’s effort to save FTX, Sam Bankman’s company was dangerously close to declaring bankruptcy if it did not get an injection of new funding. Sun, on the other hand, has just joined the discussion and said that a solution is now being formulated in order “to resuscitate and restore normality for all FTX customers.”
According to a statement that was published by controlled exchange Huobi, for whom Sun serves as an executive adviser, owners of TRX, SUN, JST, BTT, and HT will be able to redeem their tokens at a ratio of 1:1 even in the event that withdrawals from FTX fail. These tokens are all related to Sun and Huobi.
To put it another way, Tron DAO and Huobi are going to make every effort to keep the 1:1 exchange of TRON tokens (BTT, TRX, JST, and HT) that has been established on the FTX platform. This will be the case regardless of how the events play out. Sun refers to the move as a “Tron Ark” that will safeguard customers from the storm. In a subsequent tweet, Sun elaborated that the team from FTX and his own were working together on a solution “to construct a road forward.”
In an earlier tweet that he sent out today, Sun dropped a clue about his potential partnership with FTX and said that they were working nonstop to find a solution to the problem. Because Sun also indicated that his team was “working on withdrawals,” a large number of individuals rushed to the Tron tokens on the site in the hopes that they would be the only option available to withdraw money from FTX.
Since Sun began tweeting about his goals, the price of Tron’s TRX token on FTX has skyrocketed, going from about $0.6 to as high as $2.50 at one point. This gain has occurred since Sun began tweeting about his goals. The way things are shaping up, in the wake of Binance’s decision to back out of its planned purchase of FTX, Sun could be the most probable candidate to pull FTX out of its current predicament.
The company is said to have a cryptocurrency reserve valued at $69 billion, according to a report that was only recently made public by Binance about its “hot” and “cold” wallets. The exchange has indicated that it plans to publish its proof of funds within the next several weeks.
According to the report published by the cryptocurrency exchange company, it presently possesses approximately 7.8 billion dollars’ worth of Bitcoins, 4.8 million ether that is equivalent to $5.57 billion, 17.6 billion USDT, 601 million USDC, and nearly 21.7 billion of its stablecoin BUSD, which is worth $21.9 billion, along with BNB tokens that are worth $16 billion. According to the prices that were seen on the market at the time, the total market value of the reserves that were disclosed was around $69 billion. In addition, Binance said that it will shortly be releasing the proof-of-funds for its Merkle Tree token.
Exchanges store the hash value of the assets that are connected with each user account in the “leaf nodes” of the Merkle tree. The second step consists of having a third party independently validate each user’s holdings and auditing the holdings that are included inside the leaf node of the Merkle tree.