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Chinese crypto entrepreneur and Tron founder Justin Sun have announced his intention to spend up to $1 billion in buying Digital Currency Group (DCG) assets in connection to the troubles faced by its subsidiary firm Genesis Global Trading. Sun has not specified what exact assets he plans to acquire but he said it is depending on their evaluation of the situation.
This would not be the first time The Tron founder is signifying interest in acquiring assets in an embattled firm. At a certain time, he was considering the possibility of buying assets from the now-bankrupt FTX exchange after the resignation of Sam Bankman-Fried as Chief Executive Officer (CEO) of the crypto firm.
“We are open to any kind of deal. I think all the options [are] on the table. Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure,” Justin Sun told Wall Street Journal, reporters.
Later, there were rumors that Sun is the largest shareholder and shadow owner of Huobi Global but he denied the rumor claiming that he is only occupying the position of a global advisor in the exchange. About Capital arm turned out to be the majority stakeholder in the firm. However, it was discovered that Justin Sun is the largest investor in the About Capital merger and acquisition (M&A) fund.
Trouble in DCG’s Paradise
Meanwhile, a few days ago, DCG’s plan to sell off some parts of its venture portfolio was published by the Financial Times.
The company is making efforts to repay the $3 billion that Genesis owes its creditors. Genesis Global Trading firm suspended withdrawal on its platform in November following the implosion and bankruptcy filing of FTX Derivative Exchange. The collapse of Three Arrows Capital was another contributor to the troubles at Genesis.
Shortly after, the crypto lender became threatened by bankruptcy if no fund was plunged in to salvage the situation. The troubled Genesis kept reminding its users of all efforts to ensure that its liquidity problems were solved. Eventually, Genesis Global Trading had to reduce its headcount by up to 30% to stay afloat.
The post Justin Sun Flaunts $1B to Purchase DCG Assets appeared first on Blockchain, Crypto and Stock News.
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