Million Dollar Expenses Coming to DCG Assets
Justin Sun told Reuters he was considering a $1 billion buyout of (DCG) Digital Currency Group. The crypto conglomerate has embattled lender Genesis. Sun did not specify the assets it plans to buy.
Tron founder Justin Sun is reportedly considering spending up to $1 billion on the assets of crypto conglomerate Digital Currency Group, which owns crypto currency Genesis among several prominent crypto companies. Although Sun did not specify the assets he is considering, he said in an interview with Reuters that he would be willing to spend up to $1 billion, “depending on their analysis of the situation.”
DCG Explores Sale of Capital Portfolio to Meet Genesis’ $3 Billion in Debt, But Declines Comment
Block contacted DCG for comment, but had not heard back at press time. The DCG declined to comment to Reuters. On Thursday, the Financial Times reported that DCG is looking to sell part of its capital portfolio to meet Genesis’ $3 billion in debt.
The crypto-lender stopped short-term loan repayments in November, citing the failure of FTX and crypto hedge fund Three Arrows Capital. The company warned that it is possible to drop out without getting any more money.
Sun has expressed interest in buying other companies amid concerns about the health of their markets. When it first appeared that the crypto exchange FTX was involved in the drought, Sun said that it was working on a “solution” to FTX, but there was no agreement.
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