Justin Sun, Founder of TRON (TRX) ‘Acquires’ BitTorrent

Justin Sun, Founder of TRON (TRX) ‘Acquires’ BitTorrent

Blockchain General News
June 12, 2018 by Jane
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Justin Sun, developer of the TRON blockchain platform, has reportedly acquired Software Company BitTorrent Inc., The acquisition was closed last week and staff has been notified of the agreement, Variety reported. The representatives of the company and Sun did not respond to the repeated requests for comments. The Rumors or speculation about the possible acquisition of BitTorrent
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Justin Sun, developer of the TRON blockchain platform, has reportedly acquired Software Company BitTorrent Inc., The acquisition was closed last week and staff has been notified of the agreement, Variety reported. The representatives of the company and Sun did not respond to the repeated requests for comments.

The Rumors or speculation about the possible acquisition of BitTorrent by Sun first became known in May. The financial details about the acquisition are not immediately available, but according to Sun’s story, he has more than enough money to make the BitTorrent deal a reality.

Sun started talking to BitTorrent in September of last year and signed a letter of intent to acquire it in January. The agreement was briefly stopped when BitTorrent started talking to additional bidders, which led to Sun filing for a temporary restraining order, arguing that BitTorrent agreed to not pursue any other offers.

This brief chaos passed and the restraining order was dropped, with Sun registering a company called Rainberry Acquisition Inc. BitTorrent confirmed that the acquisition has not been finalized, while Justin Sun has yet to make a statement as of press time.

TRON’s cryptocurrency (TRX) had a market cap of roughly $3.13 billion; the TRON Foundation itself is known to control $1.65 billion’s worth of those funds.

 

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