Justin Sun says he is ready to invest a billion dollars to buy assets from the ailing holding company Digital Currency Group. While the investor is accustomed to statements of this kind, is this due to a real desire to buy or a simple marketing stunt?
Investor Justin Sun shows interest in Digital Currency Group assets
In an interview with our colleagues from Reuters, Justin Sun, the founder of the Tron ecosystem (TRX) said ready to invest a billion dollars in order to buy back certain assets of the Digital Currency Group (DCG). He thus advances wantingmake the hard times a little easier» :
Looking to make the tough times a bit easier. 🙏 https://t.co/uUIe6MJuD7
— HE Justin Sun🌞🇬🇩🇩🇲🔥₮ (@justinsuntron) January 14, 2023
This announcement comes in a context where DCG, the holding company specializing in the cryptocurrency industry holding shares in more than 200 companies, is experiencing difficulties, in particular with its subsidiary Genesis. In effect, the latter owes more than three billion dollars to its creditorsand is now the subject of a complaint by the Securities and Exchange Commission (SEC).
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Concrete ambition or simple marketing move?
Justin Sun clarified that these potential investments will be made “based on their assessment of the situation“, but very concretely, he did not indicate which Digital Currency Group assets caught his eye. This may therefore also suggest that this statement may just as well be marketing.
It should also be noted that the founder of Tron is a regular at speaking out in this genre. Indeed, last summer, the interested party announced that it was ready to invest five billion dollars to save companies in difficulty, just after Sam Bankman-Fried (SBF) had claimed to have a few billion for the same purpose. Regarding the latter, we also know the rest, and during the fall of FTX, Justin Sun had again come forward to buy some of the group’s assets.
While DCG would indeed seek to part with some of its holdings in order to raise funds to in particular repay the debts of Genesis, as reported by the Financial Times this week, only the future will allow to judge the solidity of the words of Justin Sun. In addition, it should be noted that the Huobi cryptocurrency exchange, of which the person concerned is officially an “advisor”, recently informed of the dismissal of 20% of its workforce.
👉 Also in the news – “This past year has been the hardest of my life”: Digital Currency Group CEO breaks silence
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Source: Reuters, Financial Times, Image: LinkedIn
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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