Tron founder Justin Sun has emerged as the next possible savior of FTX, as he said a plan was being hatched for users to “return to normalcy.”
Following the breakdown of Binance’s rescue bid for FTX, Sam Bankman-Fried’s company is facing potential bankruptcy without a cash injection.
Now, Sun has stepped into the fray, claiming that a solution is being crafted “to resuscitate and return to normalcy for all FTX users.”
This is only the initial step taken towards a wholistic solution that is being crafted to resuscitate and return to normalcy for all #FTX users. I greatly appreciate the collaborative work between @FTX_Official teams 🔥
A statement posted by centralized exchange Huobi—for which Sun is an executive advisor— promised that holders of TRX, SUN, JST, BTT, and HT (all Sun- and Huobi-related tokens) would be able to redeem them on a 1:1 basis even if withdrawals from FTX fail.
“In other words, no matter how things evolve, Tron DAO and Huobi will do their best to support the exchange of the TRON tokens (TRX, BTT, JST, SUN, HT) deposited on the FTX platform at a 1:1 ratio, including during the worst case scenario that we all know may happen.”
Sun has characterized the move as a “Tron Ark” that will help users weather the storm.
#TRON Ark building is well underway, the modern time crypto voyage for #FTX users to weather the crypto storm. We are on standby backed by the robust global infrastructure @HuobiGlobal Stay safe and dry @FTX_Official 🔥 pic.twitter.com/tBcZ4uXHU0
Sun also tweeted that his team was working with FTX on a solution “to initiate a pathway forward.”
Users rush to Tron tokens on FTX
Because Sun also said that his team was “working on withdrawals,” many users flooded to Tron tokens on the platform hoping it would be the only way to get money out of FTX.
The value of Tron’s TRX token on FTX spiked since Sun began tweeting about his plans, jumping from around $0.6 to as much as $2.50 at one point.
At current prices, FTX’s website lists the coin as being worth $0.26, a 300% increase from yesterday. Outside of FTX, Tron is worth just over $0.5, according to CoinGecko.
Decrypt contacted Sun and Huobi for comment.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Crypto exchange Coinbase has signed a lease for office space in San Francisco's Mission Rock development, marking the crypto exchange's return to the city after abandoning its headquarters model roughly three years ago.
The move is based on a deal Coinbase secured for a 150,000 square foot spot at 1090 Dr. Maya Angelou Lane, and represents more than half of Building B at the waterfront development built by Tishman Speyer and the San Francisco Giants.
San Francisco "is the place to build and grow...
Paris Saint-Germain has become the first major sports club to publicly confirm holding Bitcoin as part of its treasury, just days before competing in the UEFA Champions League final.
“We took our fiat reserves and we actually allocated Bitcoin,” Pär Helgosson, head of PSG Labs, said at the Bitcoin 2025 conference in Las Vegas on Thursday. “We still have it in our books. And as one of the largest clubs in the world, we’re the largest player in the sports ecosystem to do that.”
JUST IN: European...
The iShares Bitcoin Trust (IBIT) exchange-traded fund has already amassed $6.22 billion in May, the largest monthly inflow in the history of the exchange-traded fund that has dominated the spot Bitcoin category so far.
IBIT, which received regulatory approval in January 2024, generated nearly $500 million in investments on Wednesday and has received net inflows every day this month except one, according to data from U.K. asset manager Farside Investors.
“[It's] starting to get ridiculous,” qu...