Tron founder Justin Sun is reportedly planning to spend up to $1 billion to acquire assets from Digital Currency Group (DCG), the parent company of Genesis.
According to Reuters, Sun said that he would be willing to spend $1 billion on DCG’s assets “depending on their evaluation.”
However, it’s not specified which assets he would be interested in acquiring from the beleaguered crypto firm.
This is not the first time Sun has shown interest in an embattled firm’s assets. During the liquidity issues of FTX, the exchange’s founder Sam Bankman-Fried contacted him for help and Sun reportedly expressed interest in buying the bankrupt exchange’s assets.
Meanwhile, Justin Sun and entities related to him have been facing a recent influx of FUD. For example, last week, Huobi, an exchange where Sun serves as an adviser, faced massive withdrawals following its decision to lay off 20% of its staff.
Additionally, some OTC merchants in the Chinese market are no longer accepting Tron-based USDT, requesting users to swap their assets for Ethereum-based USDT before trading due to anti-money laundering requirements of tools like Chainalysis.