Justin Sun Can Buy Back The TRX Held By FTX To Avoid Negative Effects

This development follows documents submitted to the US bankruptcy court on September 11, which shed light on FTX’s asset restoration progress. As of August 31, 2023, FTX’s holdings comprised approximately $3.4 billion in highly liquid cryptocurrencies.

The unit responsible for managing FTX’s assets is planning to sell these highly liquid crypto assets, targeting a weekly sale value ranging from $100 million to $200 million.

However, the success of this plan hinges on court approval, with a critical trial set for September 13. There’s also uncertainty surrounding the sale, similar to the case of Solana, where FTX’s SOL assets are locked and will be gradually released between 2027 and 2028.

Notably, Justin Sun had previously expressed his readiness to provide substantial aid to the distressed cryptocurrency exchange, FTX, when it faced challenges last year.

Additionally, he pledged to compensate and rescue Sun coin holders affected by the FTX crisis, signaling his commitment to supporting the crypto community during turbulent times.

As the situation unfolds, cryptocurrency enthusiasts and market observers eagerly await the outcome of FTX’s asset sale plan, recognizing its potential significance in the evolving crypto landscape.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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