Justin Sun Offers To Buy 41K BTC From US Govt At 10% Discount

    Justin Sun, the founder of the Tron network, has recently found himself in the midst of several adversities and challenges. Sun has been the subject of close scrutiny ever since the U.S. SEC brought charges against him for fraud and market manipulation, which resulted in the loss of his diplomatic status as Grenada’s Ambassador to the World Trade Organization.

    Justin Sun Offers Bitcoin Buyout Deal

    On March 31, the United States District Court for the Southern District of New York received a document from the government on the case against James Zhong, which stated that the agency has begun liquidating 51,352 Bitcoins seized in connection with the Ulbricht case. The filing claims that on March 14, government officials sold 9,861 Bitcoins for almost $215 million while keeping nearly 41,491 Bitcoins to be sold at a later date.

    Read More: Top Mastercard-Backed Blockchain App Migrates To Hedera; Is HBAR Price Gunning For $1?

    In light of this revelation, the 32-year-old crypto mogul offered the US government a buyout deal for the seized 41K BTC at a 10% haircut. Sun’s proposal came against the backdrop of growing concerns surrounding the mounting sell-pressure bestowed upon Bitcoin. He believes that the deal would “minimize the potential impact on the market”, as stated in his latest tweet.

    Will Justin Sun Walk The Talk?

    Tron’s creator explicitly mentioned that he is willing to purchase these BTC for a concession of 10%. In addition to that, he noted that he was open to the idea of executing the deal over an OTC transaction — as high-valued sales like these could adversely affect the price of Bitcoin.

    On the other hand, some in the crypto community are skeptical about Sun’s assertions because he is currently the subject of an ongoing SEC investigation. However, Sun has been known to make such wild statements in the past as well. The crypto entrepreneur achieved mainstream fame and instantly rose to the top of the celebrity ladder after accepting the grand $4.5 million dinner offer from Warren Buffet back in 2020.

    Also Read: Bitcoin’s Price Flashes Buy Signal, Is $35,000 In Sight?

    Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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