Justin Sun is an investor in DCG
Justin Sun, a crypto entrepreneur of the Chinese, is prepared to pay $1 billion to purchase Digital Currency Group assets (DCG). In suing this company, Justin Sun revealed about the cryptocurrency lender Genesis to Reuters. Genesis froze customer withdrawals in November to avoid filing for bankruptcy.
According to the source aware of the situation, they owed the creditors an additional $3 billion. The parent company of high-profile cryptocurrency organizations, such as the manager of the crypto asset Grayscale, is perceived as being DCG, the owner of Genesis. Grayscale’s website lists over one hundred and sixty companies involved in the portfolio capital effort.
As the Financial Times revealed on Thursday, DCG considered dumping some of its portfolio holdings to raise money. In an interview, Justin Sun told Reuters that, subject to the review of the situation, he would be willing to pay $1 billion to purchase some DCG assets. He did not mention the assets he would purchase in exchange for the money.
Suns’ spokesperson claimed that he has never publicized his fortune but did say that it is made up of both fiat money and cryptocurrencies. DCG declined to comment on that. Justin Sun is the creator of the blockchain network TRON.
High-profile cryptocurrency players had previously expressed interest in other firms purchasing their assets when there were market concerns about the firm’s financial stability. Still, it was unfortunate that the deals did not need to go through. In response to a rush by FTX, a cryptocurrency exchange that led the industry in investor withdrawals in November, Binance said that a non-binding agreement had been signed to purchase FTX’s US non-unit.
According to Binance, the initiative was abandoned after doing due diligence. According to Bloomberg, Justin Sun was prepared to provide billions in aid to FTX in a funding emergency. This plan yet never took place at all.