Tron’s Sun working on ‘solution’ after Binance shutdown

• Crypto pundit Justin Sun said he and FTX ‘put together a solution’ after the Binance deal collapsed.
• FTX needs $8 billion and bankruptcy is likely without more capital, CEO Sam Bankman-Fried said.
• Binance dumped its takeover deal for FTX, saying the problems were beyond its ability to help.

Justin Sun, the crypto genius behind Tron, has said he is working with FTX to find a “solution” to problems at the exchange, which is on the brink of collapse.

The move comes after Binance walked away from a potential deal to buy FTX on Wednesday, says in a tweet that the rival crypto exchange’s problems were “beyond our control or ability to help”.

Before Binance pulled out, FTX CEO Sam Bankman-Fried told investors on Wednesday that the company faces bankruptcy if it doesn’t get more capital, saying it has a “shortfall” of up to $8 billion, per Bloomberg.

Sun, the founder of the Tron cryptocurrency network, said late Wednesday chirping that he was working on a “path forward” with FTX. But he did not say whether this would save FTX as a company or just provide support around the Tron-related tokens on the exchange.

“In addition to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to start a way forward . @FTX_Official ,” he said in a post retweeted by Bankman-Fried.

“The ongoing liquidity crisis, despite its short-term nature, is harmful to both industry development and investors,” Sun added.

“My team has been working around the clock to avoid further deterioration,” he added, but gave no details.

Sun’s high profile in the crypto world comes as much from his activities beyond founding the blockchain ecosystem Tron and earlier buying BitTorrent. He bailed on a $4.6 million lunch with Warren Buffett, clashed with Disney over the TRON trademark and paid $28 million at an auction for a seat on a Jeff Bezos-owned Blue Origin spacecraft.

Bankman-Fried told FTX employees that he was exploring all options for the company after the Binance deal collapsed, Reuters reported on Wednesday. In his search for support as clients rushed to withdraw money from FTX, he asked crypto exchange OKX for a capital infusion of $2 billion to $4 billion, according to Reuters,