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.
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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.
US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 31, 2023
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.
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