Tron’s Justin Sun intends to spend $5B to acquire crypto firms

Justin Sun, founder and creator of TRON blockchain, just said he has $5B funds ready to spend on acquiring the failing crypto firms. He believes the acquisitions will help boost the bear market and take the DeFi and CeFi industry to the next level.

Crypto firms and the DeFi industry are facing a macroeconomic crisis amidst the crypto crash. Many companies like 3AC, Voyager, and Celsius Network, have already filed for bankruptcy and have paused their financial services for users due to liquidity pressures after the Terra ecosystem crash.

Seeing the collective decline of crypto firms, FTX's Sam Bankman-Fried and Binance's Changpeng Zhao announced they will support them financially.

Amidst this, Justin Sun also announced he will join Sam Bankman-Fried and Changpeng Zhao to help push the DeFi industry back up. He claimed that many crypto firms have reached out to his team for help and also said he has around $5B funds to help crypto firms through acquisitions.

“We are actively reviewing it and see what we can do here,” Sun said. “We are ready to spend $5B on helping the industry builder to continue build.”

The crypto entrepreneurs and experts believe that bankrupt crypto firms might push the crypto market even lower. This is prominent when 3AC filed for bankruptcy, Bitcoin hit $19k the same day.

Seeing the declining prices, Sun said, “I think currently the de-leverage process is passed the worst time. So we just need to clean it up and move forward. I don't think [the] market will be super bullish, of course.”

Crypto firms can seek Tron’s and Sun’s help to save themselves from liquidation.