FTX Pursuing ‘Possible New Investors’ As Embattled Exchange Works With Tron’s Justin Sun: Report
FTX founder Sam Bankman-Fried is reportedly not done looking to raise emergency capital to keep his floundering crypto exchange afloat.
Bankman-Fried will focus on raising capital for the week ahead, according to an internal memo seen by reporters at Reuters.
Specifically, Bankman-Fried told employees that he’s looking to make customers whole by “conducting a raise” and seeking “possible new investors.”
FTX is also working with Tron (TRX) founder Justin Sun, who says a plan to “return to normalcy” is underway.
Sun and Bankman-Fried teamed up to re-enable trading of TRX and other tokens in the Tron ecosystem on FTX.
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 ?
— H.E. Justin Sun?????? (@justinsuntron) November 10, 2022
FTX is reeling from a liquidity crisis that began as the exchange faced mounting reports that it mishandled customer funds and denominated much of its holdings in its native asset FTX Token (FTT).
Both the US Securities Exchange Commission and the Commodity Futures Trading Commission are reportedly investigating the allegations.
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