Binance pulls out of FTX deal, Justin Sun announces potential partnership
Sam Bankman-Fried’s crypto exchange, FTX, fell into one of the biggest liquidity crunches after Binance’s CEO, Changpeng Zhao announced that his company was going to sell all its FTX Tokens (FTT), worth $529 million.
Binance proceeded to propose a deal to acquire FTX after the exchange imploded. However, on Wednesday, CZ announced that Binance will no longer follow through with the deal as FTX’s issues were beyond their ability to help.
However, just hours after the Binance boss called off the deal, it was reported that Justin Sun, the founder of the Tron crypto, was in talks with Bankman-Fried. The news was later confirmed by Sun’s tweet.
Sun took to Twitter to announce that he and the team have “been working around the clock to avoid further deterioration.” Sun also tweeted they were putting together a solution, which has been liked and retweeted by SBF.
Sun looks to end the FTX crisis as the ongoing liquidity crunch is harmful to the industry’s development and investors alike.
