As per Reuters, Justin Sun, the founder of TRON, plans to repurchase the assets of faltering cryptocurrency firm Digital Currency Group (DCG).
According to the information, Justin Sun is ready to spend up to $1 billion of his own money to purchase back DCG's salvageable assets, but he still needs to provide the list of properties he wants to do so. Sun, however, has verified the details.
When Genesis Company blocked customer withdrawals in November and said it was attempting to avoid filing for bankruptcy, DCG was in a terrible financial situation. A individual with knowledge of the situation claims that it owes creditors more than $3 billion. In order to raise money, DCG is also considering selling some of that portfolio.
The "wealth level" of the Tron creator cannot be ascertained at the same time. However, estimations from 2021 reveal that DCG is valued at roughly 10 billion USD and controls assets of around $50 billion. In the meantime, estimates of Justin Sun's net worth range from $250 million to $3 billion, depending on how cryptocurrencies and conventional assets are included.
There are numerous rumors that Justin Sun is the true owner of Huobi Global after it was purchased, as was updated in the previous article. Sun, however, is currently employed by Huobi as a global advisor despite the government's continuous denials of this information.
This week, Huobi has also stated that 20% of its workforce will be laid off. Additionally, numerous media publications claimed that Huobi reduced staff benefits and bonuses. This rumor was refuted by Song Huobi. The decision to cut connections with Huobi Global and the statement that 33 tokens would be delisted in one day stunned the Korean branch as well.
But Sun is interested in numerous ailing businesses, including DCG. By the end of 2022, he once intended to purchase assets from FTX, Credit Suisse, or Huobi.