Today in Crypto Turmoil: Sun Readies USD 5B Spend, Celsius’ Dealings ‘Exposed,’ CoinFlex Heads to HK Courts
The Tron (TRX) founder Justin Sun says he is ready to spend big on acquisitions as another week of crypto turmoil begins – and there are also developments from Celsius (CEL) (as usual!), while the exchange CoinFlex could be gearing up to flex its legal muscles on Roger Ver.
Here’s all you need to know:
In a tweet, Sun wrote that Tron was “friends with everyone” and was “always ready to serve.” He further told The Block that “lots of” companies had already reached out to both Tron and Sun for financial assistance – with many firms in the sector continuing to struggle.
Sun added that he was prepared to spend up to USD 5bn and that Tron was “engaging an investment bank” to “advise on potential deals.”
The Tron chief was quoted as explaining:
“Our interest is platforms with a large user base – both [centralized finance] and [decentralized finance] DeFi platforms.”
Sun concluded that “the worst” of the “de-leverage process” had “passed,” but opined that the industry “just” needed “to clean up and move forward.”
The crypto lender Celsius, which has had a torrid, event-filled summer, allegedly used USD 534m of its customers’ cryptoassets to carry out “high-risk leveraged crypto trading strategies.”
The claims were made in a report on the Celsius Network by the blockchain analytics specialist Arkham Intelligence. The firm stated Celsius executed its “strategies” with the help of a third-party assets manager – namely the “notorious Twitter personality and Ethereum wallet address 0xB1.”
The strategies, however, returned “apparent losses of USD 350m when the asset manager returned capital” – a figure that has further shrunk following the market crunch, Arkham’s analysts added.
Arkham reported that Celsius had “potential gaps in risk
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