Tron founder Justin Sun is ready to spend $1 billion of his own money to buy Digital Currencies Group assets.
The collapse of Three Arrows Capital hedge fund and FTX exchange dragged down a lot of companies with it, including Digital Currency Group (DCG). Last November, Genesis, a subsidiary of DCG, halted customer withdrawals, saying it was necessary to avoid bankruptcy.
According to Financial Times, the company owes more than $3 billion to its creditors. To pay it off, DCG is considering partially selling its venture capital portfolio.
The founder of the Tron blockchain became interested in this. Speaking with Reuters, he said that, depending on the evaluation of the situation, he’s ready to spend up to $1 billion of his own money to buy some of the DCG’s assets. DCG officials have not yet commented on this matter.
It is worth mentioning that DCG is not the only company on the verge of collapse whose assets were considered for purchase by Justin Sun. Previously, he showed interest in the portfolio assets of the venture arm of the collapsed FTX exchange, but the deal has not yet taken place. Sun also became the co-owner of the Huobi exchange, already having begun a large-scale reconstruction of the platform.
You can read more about Justin Sun and his life path in our article.
Dmytro Psevdonimenko
Author
Has been exploring the enigmas of the crypto industry since 2017, transforming them into accessible narratives. Relies on dark chocolate and nuts as a secret source of energy and inspiration.
