Justin Sun, the inventor of the TRON network behind the popular altcoin TRX, came up with an interesting proposal. Sun said that the US government can buy Bitcoins seized from illegal transactions at a discount of 10 percent. Here are the details…
BTC offer from altcoin inventor
On March 31, the United States District Court for the Southern District of New York received a document regarding the case against James Zhong stating that the government has begun liquidating 51,352 Bitcoins seized in the Ulbricht case. The document shows that on March 14, government officials sold 9,861 Bitcoins for about $215 million, holding about 41,491 Bitcoins for sale at a later date.
Justin Sun, the founder of the Tron network, has offered to buy 41,491 Bitcoin seized by the US government at a 10 percent discount. The US government had recently liquidated 9,861 Bitcoins for about $215 million and kept the rest for sale at a later date. Sun believes his proposal will minimize the potential impact on the market, which is under pressure from Bitcoin sales. However, some members of the crypto community are skeptical of Sun’s proposal due to the ongoing SEC investigation.
cryptocoin.com As we reported, Sun has been under close scrutiny ever since the US Securities and Exchange Commission (SEC) accused him of fraud and market manipulation. This accusation led to Sun losing his diplomatic status as Grenada’s Ambassador to the World Trade Organization. Despite this, Sun continued to be a key figure in the cryptocurrency industry.
What could Sun’s acquisition mean?
Sun’s offer to buy the seized Bitcoins received mixed reactions from the crypto community. While some believe Sun’s proposal will stabilize the market, others are skeptical of his intentions given his ongoing legal issues. Sun has previously made headlines with his exaggerated statements and actions. He rose to mainstream fame after accepting a $4.5 million dinner offer from Warren Buffet in 2020. However, its recent legal issues and controversies have raised questions about its credibility and reputation in the industry.
If Sun’s proposal is accepted, it could have a significant impact on the cryptocurrency market as it would represent a massive transfer of wealth and could potentially affect the price of Bitcoin. Overall, Sun’s bid to buy the seized Bitcoins sparked a debate within the crypto community about the role of industry leaders and their responsibilities in maintaining market stability. While some believe that Sun’s proposal could help mitigate the sale of Bitcoin, others are skeptical of Sun’s motives and believe that the government should handle the sale of seized assets.
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