Justin Sun Supports Binance: Deposits 100M USD

Justin Sun has invested 100 Million USD at Binance.
The Tron (TRX) founder revealed interest in buying FTX assets.
Many have described the move as a desperate one.

According to a recent tweet by Justin Sun, the inventor of the Tron ecosystem has invested a total of 100 Million USD. Reportedly, the gesture is suggested as a statement of support for the embattled Cryptocurrency exchange. It also may serve as a means to calm the ongoing market fears.

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It is vital to understand that the gigantic cryptocurrency exchange, Binance might possibly face money laundering accusations. Notably, Changpeng Zhao may also be a subject of the allegations.

Disagreements between prosecutors working for the United States Department of Justice’s continuing criminal investigation into Binance have caused a holdup in the inquiry’s progress.

In the midst of this study, Mike Alfred, who was once the founding CEO of BrightScope and Digital Assets Data, has offered his perspective on the actions of Justin Sun. Mike extends his congratulations to Justin, but he describes the move as a last-ditch effort.

He continues by stating that Justin Sun was unable to salvage FTX but he has a good chance of being successful with Binance.

Notably, the Tron (TRX)founder revealed interest in buying FTX assets to journalists in Singapore in November. He said:

“We are open to any kind of deal. I think all the options [are] on the table.”

At first, Sun declared his intention to save the firm by collaborating with the FTX staff to restore token trading and withdrawals connected to himself.

Sun said that the FTX’s demise will be a big setback for the development of the cryptocurrency sector. He predicted that people’s perceptions of the sector as a whole would be negatively impacted by the crash.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.