Justin Sun is ready to invest up to $1 billion of his own funds in the acquisition of assets belonging to Barry Silbert’s Digital Currency Group (DCG). The founder of Tron told about this Reuters.
In November 2022, the DGG OTC platform Genesis Trading froze withdrawal of funds and issuance of new loans, and later tried raise $1 billion in emergency funding.
According to the Financial Times, Genesis she obliged 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.
The latter’s co-founder Cameron Winklevoss demanded from Silbert to return the assets and subsequently urged him 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 units of the Bitcoin Investment Trust (GBTC) 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.” He did not specify a specific area of interest.
Recall that in January 2023 SEC blamed Gemini and Genesis in the sale of unregistered securities.
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