Tron Founder Justin Sun Ready To Invest $1 Billion On DCG Assets

Digital Currency Group (DCG), the parent firm of struggling cryptocurrency lender Genesis, is liquidating a few of its holdings. Tron founder and Chinese crypto entrepreneur Justin Sun is ready to take a position $1 billion to accumulate the network.

In a recent interview with Reuters, Sun – the founding father of Tron – said, “Depending on DCG’s assessment of the situation,” he could be willing to spend as much as $1 billion on the Digital Currency Group’s holdings.

Suspension Of Withdrawals

Genesis is a component of DCG, and its clients are owed about $3 billion. The corporate’s lending arm stopped withdrawals on November 16, citing “extreme market dislocation.” This happened after the cryptocurrency exchange FTX filed for bankruptcy. 

As such, Reuters required assistance in determining Sun’s financial status. DCG is a $50 billion asset management firm that’s estimated to be value $10 billion in 2021. Current estimates place Sun’s net value anywhere from $250 million to $3 billion, depending on the consideration given to traditional assets and cryptocurrencies.

Recent events have seen Sun promise billions in rescue funding to the collapsed FTX, but he still must execute. Similarly, Sun announced support for Binance’s Industry Recovery Fund. 

Despite quite a few requests for comment on the recent events and Sun’s expressed interest, DCG remained silent.

DCG Might Sell Its Properties

Earlier this month, Genesis, a DCG subsidiary, said that it could be cutting its personnel by 30% in consequence of the present economic situation. Firms related to each Sun and DCG are facing difficulties immediately. 

In an open letter published early in 2023, Gemini co-founder and twins Cameron and Tyler Winklevoss demanded that Genesis refund its $900 million debt to Gemini Earn. Cameron then intensified the general public spat by requesting that DCG CEO Barry Silbert be faraway from his position.

In consequence, Gemini Earn, an in depth partner of Genesis, ceased withdrawals and formally shut down on the identical day as DCG’s subsidiary, which later officially became defunct on January eighth.

Although Silbert has tried to place some space between his company and Genesis’s problems, the corporate is reportedly considering selling assets to cover Genesis’s $3 billion debt. Genesis was one in every of the primary corporations to suffer from the FTX outbreak, freezing withdrawals from its lending platform in the midst of November.

Since then, it has come to light that the corporate considered filing for bankruptcy and hence retained restructuring advisers. Reports also suggest the corporate tried and failed to lift $1 billion in rescue funding, while a spokesman for the firm said those reports were old-fashioned and that the firm had been engaged in “quite positive negotiations” as recently as late November.

BTC’s price on the every day chart. Source: TRXUSD

On the time of writing, TRON TRXUSD is trading around $0.0635 which is 5.44% up.

Featured Image from Businessnews, Featured chart from


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