The assets of FTX are assessed by Justin Sun’s business, Tron. Many of the exchange’s assets have either been taken or are gone, according to a partner at the law firm defending FTX’s collapse debtors.
The Present situation
At $0.05, the Tron price (1) is still battling to make up for its November 6 crash losses. Following its bankruptcy filing earlier this month, FTX’s time in the spotlight ended. The inventor of Tron, Justin Sun, who has been outspoken about his support for FTX and its former CEO Sam Bankman-Fried (SBF), is now making an effort to offer more assistance.
FTX assets are purchased
Recently, FTX disclosed plans to sell several of its assets and restructure them to raise funds to reimburse its clients. According to a Wall Street Journal story, Sun’s business Tron may be interested in purchasing the assets that FTX no longer needs. Sun remarked in a message to reporters, “Any type of transaction is acceptable to us. I believe that all possibilities are available. We assess each asset individually, but the process will likely take a while given that they are already involved in this type of bankruptcy case, according to what I understand.”
He continued by saying that representatives of the Tron team and the Seychelles-based Huobi cryptocurrency exchange are also present in the Bahamas. Huobi’s participation in this procedure results from Justin Sun acting as the company’s advisory board representative. Clients of the insolvent exchange now have hope after learning that Tron and Huobi are in negotiations with FTX. However, the exact properties Justin Sun wants to acquire are currently in doubt. James Bromley, a lawyer at the law firm Sullivan & Cromwell, testified that a sizable quantity of assets had either been stolen or was still missing as of the time of the bankruptcy procedures for FTX on November 22.
According to Bromley, assaults persist despite efforts to safeguard the assets from hacks: “Information is an asset in this context; we’re not simply talking about cryptocurrency assets, financial assets, or physical goods.” To deter assaults, FTX has enlisted the assistance of many cybersecurity businesses, including Chainalysis. (2)
The price of Tron doesn’t change
Despite the claims above made by its inventors, the price of Tron did not increase. TRX continues to trade between the resistance and support levels of $0.0526 and $0.0496, responding to the overall market’s negative indications. At $0.0502, the cryptocurrency is still sending conflicting signals. The price of Tron might rise, approaching its key barrier at $0.0526, if the cryptocurrency were to experience some positive pressure during the coming trading sessions.
In such an event, the 30 and 50-day Exponential Moving Averages (EMAs) will also turn into support for the price of TRX. The cryptocurrency would be prepared for future growth toward $0.0558. But if the negative signals continue, the price of Tron can go below its immediate support. At $0.0496. A bounce would enable TRX’s recovery over the next days off the $0.0477 level. Conversely, the bullish thesis would be refuted if the daily candlestick closed below $0.0477, sending the currency’s price down to its 17-month low of $0.0452.
