Justin Sun will spend up to $5 billion to rescue crypto companies

Justin Sun will spend up to $5 billion to rescue crypto companies

Justin Sun will spend up to $5 billion to rescue crypto companies

Tron founder Justin Sun announced his willingness to allocate up to $5 billion to rescue crypto companies in a crisis in the digital asset market. According to The Block.

According to Sun, many companies have already asked for help after his related tweet.

Sun revealed that Tron had engaged an investment bank to advise on potential deals. He declined to clarify the name of the financial institution due to a non-disclosure agreement.

The $5 billion will include both Sun's personal funds and Tron's assets. He also noted the interest in platforms with a large audience.

“I think the current de-leveraging process has passed the worst period. So we just need to clean up and move on. Of course, I don’t think the market will be super bull,” Sun added.

Recall that in May, the head of the FTX bitcoin exchange, Sam Bankman-Fried, promised to spend “billions” to buy shares in other companies.

In June, Binance CEO Changpeng Zhao called the crypto winter a good time to further develop the business through various acquisitions. In July, he spoke about “rescue talks” with more than 50 companies.

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