Justin Sun Trying To Rescue FTX After Binance Says No to Acquisition Deal

On Thursday (10 November 2022), TRON DAO Founder Justin Sun says he is “putting together a solution together with FTX to initiate a pathway forward” after Binance decides to “not pursue the potential acquisition of FTX.com.”

Here is the timeline of events…

On 8 November 2022, Binance CEO Changpeng Zhao (aka “CZ”) and Samuel Bankman-Fried (aka “SBF”) shook the crypto market with a pair of stunning announcements:

On 9 November 2022, CZ shared on Twitter a letter he had sent out to the entire Binance team about the potential deal to acquire FTX:

As CryptoGlobe reported yesterday around 6:00 p.m. UTC, three pieces of news came out earlier on that day, which taken together suggested it was highly unlikely for Binance to go ahead with the potential acquisition of FTX.

The most important of these three news items was a Bloomberg report published around 4:11 p.m. UTC, which stated that “US regulators are investigating whether beleaguered crypto-exchange FTX.com mishandled customer funds, and they’re looking into the firm’s relationships with other parts of Sam Bankman-Fried’s crypto empire.” This report also mentioned that “the inquiries by the Securities and Exchange Commission and the Commodity Futures Trading Commission relate to the liquidity crisis that has pushed FTX to the brink, according to three people familiar with the matter.”

Then, at 9:00 p.m. UTC on 9 November 2022, Binance announced why it was not able to go ahead with the plan to fully acquire FTX.com, pointing out that although it was hoping to “support FTX’s customers to provide liquidity”, the issues it discovered as part of its due diligence process in addition and via the various news reports about FTX were “beyond” its “control or ability to help”:

Around the same time, Wall Street Journal (WSJ) reported that the FTX CEO was calling around to get emergency funding of up to $8 billion in order to handle withdrawals. One of those people that SBF probably has been talking to is Kraken Co-Founder Jesse Powell:

At 3:00 a.m. UTC on 10 November 2022, TRON DAO Founder Justin Sun announced that he is working with FTX to figure out a way to rescue FTX:

And three hours later, he announced:

At 7:42 a.m. UTC, crypto influencer “Cobie” sent out a tweet that shows some leaked information from SBF on an FTX Slack channel about his intention to “do right by customers”: