Tron Founder, Justin Sun, willing to buy DCG for $1 billion

Digital Currency Group (DCG), a crypto venture and owner of Coindesk as well as Genesis, has been targeted with allegations related to how its businesses, especially the debt Genesis owes its clients.

Speaking about DCG in an interview, Justin Sun, founder of the Tron blockchain, revealed that he’s willing to pay $1 billion to buy DCG depending on evaluations reached for the deal. 

The founder of Tron is also known to have proposed  a helping hand to FTX in November last year before the exchange collapsed, and supported the industry recovery fund initiated by Binance in 2022.

The “war” in the DCG camp started last year when Genesis, one of its companies, halted withdrawals for users on its platform due to FTX collapse. Genesis and Gemini entered a partnership where investors could earn interest on their crypto in Gemini’s Earn service. 

After the two firms halted the Earn program, Gemini has tried to retrieve assets, worth $900 million, of its clients from Genesis till date but to no avail.

SEC charges Gemini and Genesis

After unfruitful engagements between Gemini and Genesis, the Security and Exchange Commission has charged the two organizations for “the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program”.

Apart from Sun, Osprey, a digital asset management fund, has offered to take charge of Grayscale Bitcoin Trust (GBTC), owned by Digital Currency Group. “Osprey is the best-positioned third party to manage GBTC at this point,” it told the DCG board. GBTC has been in the news for trying to violate rules including Regulation M amongst other reasons.

Valkyrie Investments is another financial institution that has approached the DCG leadership for a takeover of GBTC. However, the DCG group has refused to allow a shift in control. 

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Barry Silbert, clarifies misinformation; states amount DCG owes Genesis Capital

Justin Sun joins Huobi’s Advisory Board