Justin Sun: Ready to support struggling cryptocurrency companies with $5 billion

Justin Sun, the creator of the Tron blockchain ecosystem, said he is ready to back struggling crypto companies with FTX's Sam Bankman-Fried and Binance's Changpeng Zhao, and could spend as much as $5 billion on acquisitions.

In a tweet earlier today, Sun Yang told the media that "many" companies have reached out to Justin Sun and Tron for help, saying he is "ready to serve."

FTX has provided credit services to companies like Voyager Digital and BlockFi as the cryptocurrency market has slumped, leading Bankman-Fried to compare FTX to John Pierpont Morgan's efforts to support financial firms in the early 20th century. Likewise, Binance CEO Changpeng Zhao recently said that dozens of crypto companies are seeking help from the exchange operator because it “is the largest cash reserve in the industry.”

It now appears that Justin Sun wants to be a part of it, too.

When asked how many companies have contacted him or Tron, compared to the 50 to 100 numbers claimed by Binance, Justin Sun said that TRON’s numbers are similar.

"We are actively reviewing to see what we can do," Sun said. "We're ready to spend $5 billion to help industry builders keep building."

investment bank

Justin Sun said TRON is hiring an investment bank to advise on a potential deal, but he declined to name it, citing a non-disclosure agreement.

When asked if the $5 billion figure was his personal money or Tron’s money, Justin Sun said it was a combination of both. Justin Sun added that both he and Tron are targeting healthy businesses as well as struggling ones and will conduct due diligence before striking any deals. According to Tron’s website, the company’s DAO has $2.3 billion in reserves.

"We are interested in platforms with a large user base," Sun said. “Whether it’s a CeFi or a DeFi platform.”

Regarding the current market downturn, Justin Sun believes that the worst period has passed.

“I think the worst is over for the deleveraging process right now. So we just have to clean it up and move on. Of course, I don’t think the market is going to be super bullish.”