{"id":269792,"date":"2022-11-10T16:45:06","date_gmt":"2022-11-10T11:15:06","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=269792"},"modified":"2022-11-10T16:09:11","modified_gmt":"2022-11-10T10:39:11","slug":"justin-suns-ftx-solution-meets-tepid-response-from-the-community","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/justin-suns-ftx-solution-meets-tepid-response-from-the-community\/","title":{"rendered":"Justin Sun&#8217;s FTX &#8216;solution&#8217; meets tepid response from the community"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The last 24 hours have been a rollercoaster ride for FTX and its customers. From withdrawals getting suspended to rival Binance pulling out of the much-anticipated acquisition deal, account holders of the Bahamas-based crypto-exchange have gotten increasingly anxious regarding their funds.\u00a0<\/span><\/p>\n<h4><b>TRON\u2019s Justin Sun in on it<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Curiously, TRON Founder Justin Sun extended his support to the FTX exchange. He tweeted out that his team is working with FTX to come up with a solution for the troubled crypto-exchange\u2019s liquidity crisis.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Further to my announcement to stand behind all Tron token (<a href=\"https:\/\/twitter.com\/hashtag\/TRX?src=hash&amp;ref_src=twsrc%5Etfw\">#TRX<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/BTT?src=hash&amp;ref_src=twsrc%5Etfw\">#BTT<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/JST?src=hash&amp;ref_src=twsrc%5Etfw\">#JST<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/SUN?src=hash&amp;ref_src=twsrc%5Etfw\">#SUN<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/HT?src=hash&amp;ref_src=twsrc%5Etfw\">#HT<\/a>) holders on <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&amp;ref_src=twsrc%5Etfw\">#FTX<\/a>, we are putting together a solution together with <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&amp;ref_src=twsrc%5Etfw\">#FTX<\/a> to initiate a pathway forward.  <a href=\"https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw\">@FTX_Official<\/a><\/p>\n<p>&mdash; H.E. Justin Sun \ud83d\udc68\u200d\ud83d\ude80 \ud83c\udf1e (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1590539831276634112?ref_src=twsrc%5Etfw\">November 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;The ongoing liquidity crunch, despite short-term in nature, is harmful to the industry development and investors alike.&#8221; Sun stated. He went on to add that the exchange\u2019s situation is manageable with a &#8220;holistic approach.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sun followed up his original tweet with an <\/span><span style=\"font-weight: 400;\">update<\/span><span style=\"font-weight: 400;\"> for the TRON community within a few hours. TRON&#8217;s founder, since he is also a part of Huobi Global\u2019s advisory board, announced that TRX trading has resumed on FTX. He further revealed that the trading of JST, SUN, ST, and BTT has also resumed.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/TRX?src=hash&amp;ref_src=twsrc%5Etfw\">#TRX<\/a> trading on <a href=\"https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw\">@FTX_Official<\/a> has resumed. Working on withdrawal function. Stay tuned.<\/p>\n<p>&mdash; H.E. Justin Sun \ud83d\udc68\u200d\ud83d\ude80 \ud83c\udf1e (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1590585495649923073?ref_src=twsrc%5Etfw\">November 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><b>Crypto-Twitter is not as excited about Sun\u2019s support<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Justin Sun\u2019s announcement came as a relief for desperate FTX customers looking for answers following Binance\u2019s decision to back out of a prospective acquisition deal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there is far less excitement around Sun\u2019s efforts to stabilize the exchange\u2019s operations. Especially relative to when <a href=\"http:\/\/ambcrypto.com\/binance-reassures-users-by-topping-up-safu-to-1-billion\/\">Binance&#8217;s<\/a> CEO Changpeng Zhao announced his intention to acquire Sam Bankman-Fried\u2019s exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">CZ\u2019s tweet regarding FTX&#8217;s bailout was retweeted over 34,000 times, in addition to being liked over 77,000 times. On the contrary, Sun&#8217;s tweet about finding a &#8216;solution&#8217; didn&#8217;t get as much traction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One probable reason may be the difference between the proposals. Though Binance was offering to bailout the exchange, the scope of Sun\u2019s support is unclear at this moment, despite his suggestion<\/span><span style=\"font-weight: 400;\"> that FTX\u2019s liquidity crunch is harmful for the broader crypto-industry. <\/span>So far, all the updates have been regarding TRON tokens. This has understandably raised questions about his commitment to the overall well-being of the exchange and its customers.<\/p>\n<p><span style=\"font-weight: 400;\">Sun is known to put out controversial tweets that attract the attention of Crypto-Twitter. Back in December 2021, he <\/span><a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1465689812757794816?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1465689812757794816%7Ctwgr%5E8f81d8f3122212cf4ab38795e8f668e90fcb99f2%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fnftplazas.com%2Fjustin-sun-pulls-a-15-million-bored-ape-stunt%2F\"><span style=\"font-weight: 400;\">bought<\/span><\/a><span style=\"font-weight: 400;\"> a $15 million Bored Ape NFT using $TRON. This and the <\/span><a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1536712471087570945?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1536712471087570945%7Ctwgr%5Ed9080055cab4018dab555b680f40d08c3ea40fb2%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc8c7c1e4-43f7-4b57-b7ee-c9813d8d4399\"><span style=\"font-weight: 400;\">tweets<\/span><\/a><span style=\"font-weight: 400;\"> he made following this year\u2019s Terra crash have earned him a reputation. <\/span><\/p>\n<h4><b>Sam Bankman-Fried asks investors for $8 billion<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">That&#8217;s not all either. According to a <\/span><a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-11-09-2022\/card\/ftx-needs-8-billion-bankman-fried-tells-investors-2RSa5oqZyZZ5YrPLuZuL\"><span style=\"font-weight: 400;\">recent<\/span><\/a><span style=\"font-weight: 400;\"> report by the Wall Street Journal, the CEO of FTX told investors during a call that emergency funding of up to $8 billion is needed in order to cover the shortage caused by the bank run on his exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMr. Bankman-Fried said he hoped FTX could raise as much as $3 billion to $4 billion in equity, and that the exchange could raise some debt, too, according to people on the call and briefed on the call.\u201d the report read.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The last 24 hours have been a rollercoaster ride for FTX and its customers. From withdrawals getting suspended to rival Binance pulling out of the much-anticipated acquisition deal, account holders of the Bahamas-based crypto-exchange have gotten increasingly anxious regarding their funds.\u00a0 TRON\u2019s Justin Sun in on it Curiously, TRON Founder Justin Sun extended his support<a href=\"https:\/\/ambcrypto.com\/justin-suns-ftx-solution-meets-tepid-response-from-the-community\/\">Continue reading <span class=\"sr-only\">&#8220;Justin Sun&#8217;s FTX &#8216;solution&#8217; meets tepid response from the community&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":269793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-269792","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Justin Sun&#039;s FTX &#039;solution&#039; meets tepid response from the community - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The last 24 hours have been a rollercoaster ride for FTX and its customers. 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