justin sun could spend $1 billion of his funds to buy assets belonging to digital currency groupAccording to a Reuters report the January 13th.
Sun told the media company that it could spend that amount to buy a piece of DCG’s assets “depending on its assessment of the situation.”
Reuters was unable to determine the extent of Sun’s wealth. However, 2021 estimates suggest that DCG is valued at around $10 billion and has $50 billion in assets under management. Meanwhile, estimates put Sun’s net worth between $250 million and $3 billion, depending on whether such estimates include crypto and traditional assets. As such, any deal would likely involve only a modest portion of DCG’s assets.
Reuters was unable to determine which assets Sun was considering buying, and Digital Currency Group did not mention any of the above matters.
Entities tied to both Sun and DCG face challenges. DCG’s subsidiary, Genesis, announced that lay off 30% of your staff earlier this month due to market conditions. Genesis customer withdrawals stopped last year, both for its lending service and its Gemini partner service, Earn. He reportedly owes clients more than $3 billion.
Huobi, the Asia-based crypto exchange in which Sun is an advisor, announced that lay off 20% of your staff this week. The exchanges’ problems appear to be limited to staff costs, as the company continues to serve customers.
DCG isn’t the first troubled company Sun has shown interest in. He also tried to buy assets belonging to FTX Y swiss credit at the end of 2022.
Sun is best known as the founder and former CEO of TRONbut it no longer plays any official leadership role in that blockchain project.
