2 years ago
Justin Sun could walk $1 cardinal of his funds to bargain assets belonging to Digital Currency Group, according to a study from Reuters connected Jan. 13.
Sun told the media institution that helium could walk that magnitude to bargain a information of DCG’s assets “depending connected their valuation of the situation.”
Reuters was incapable to find the grade of Sun’s wealth. However, estimates from 2021 suggest that DCG is valued astatine astir $10 cardinal and has $50 cardinal of assets nether management. Meanwhile, estimates spot Sun’s nett worthy betwixt $250 cardinal and $3 billion, depending connected whether said estimates see some crypto and accepted assets. As such, immoderate woody would apt impact lone a humble information of DCG’s assets.
Reuters could not find which assets Sun was considering buying, and the Digital Currency Group did not authorities immoderate of the supra matters.
Entities linked to some Sun and DCG look challenges. DCG subsidiary Genesis announced that it would lay disconnected 30% of its staff earlier this period owed to marketplace conditions. Genesis halted lawsuit withdrawals past year, some for its lending work and for its Gemini spouse service, Earn. It reportedly owes clients implicit $3 billion.
Huobi, the Asia-based crypto speech astatine which Sun is an advisor, announced that it would lay disconnected 20% of its staff this week. The exchanges’ troubles look to beryllium constricted to staffing costs arsenic the steadfast continues to service customers.
DCG is not the archetypal troubled institution that Sun has shown involvement in. He besides attempted to bargain assets belonging to FTX and Credit Suisse successful precocious 2022.
Sun is champion known arsenic the laminitis and erstwhile CEO of TRON, but nary longer serves successful immoderate authoritative enactment relation astatine that blockchain project.
The station Justin Sun says helium whitethorn walk $1 cardinal connected DCG assets appeared archetypal connected CryptoSlate.
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