TRON founder Justin Sun is ready to buy assets owned by Barry Silbert’s Digital Currency Group (DCG). He plans to spend about $1 billion of his own funds on this investment. The founder of Tron told reporters about this Reuters.
As a reminder, in November 2022, Genesis Trading OTC platform (part of DGG) froze withdrawal of funds and issuance of new loans, and later tried raise $1 billion in emergency funding.
According to analysts at the Financial Times, Genesis must over $3 billion to creditors and is considering selling a number of portfolio investments. In particular, the company together with the parent structure must customers of the Gemini cryptocurrency exchange about $900 million.
Gemini co-founder Cameron Winklevoss demanded return the assets and subsequently urged Silbert to retire. According to the head of the exchange, DCG was misleading the public about its financial condition and solvency.
DCG also includes Grayscale Investments, which manages a family of cryptocurrency funds. At the end of 2022, the discount of Bitcoin Investment Trust (GBTC) units to NAV exceeded 48%.
In an interview with Reuters, Sun said he was willing to spend up to $1 billion to buy some of DCG’s assets, “depending on the assessment of the situation.” But he did not specify a specific area of interest.
