Justin Sun, the founder of Tron, has made an offer to purchase the 41,490 bitcoin seized by the US government in the Silk Road case. According to court documents, the US government plans to sell these bitcoins in four separate batches this year.
Sun’s proposal comes at a time when he has been facing legal troubles with the SEC for market manipulation and fraud. He also lost his position as a goodwill ambassador for Grenada, and the US government has been closely monitoring his activities.
Sun’s offer to purchase all the bitcoin at a 10% discount through an over-the-counter (OTC) deal is an attempt to minimize the impact of the sale on the market. It is no secret that such a large sale of bitcoin can significantly affect its price, and Sun is trying to prevent this from happening.
The US government has already sold 9,861 bitcoin on March 14, 2023. However, it is unclear whether the US government will accept Sun’s proposal, given the ongoing legal issues he is facing.
It is worth noting that this is not the first time Sun has attempted to buy a significant amount of bitcoin. In 2019, he bid $4.6 million in a charity auction to have lunch with Warren Buffet, with the intention of convincing him of the potential of cryptocurrencies.
Overall, Sun’s offer to purchase the 41,490 bitcoin seized by the US government is an interesting development in the cryptocurrency world. It remains to be seen whether the US government will accept his proposal or continue with its plan to sell the bitcoin in batches. Nonetheless, this story highlights the potential impact of government actions on the cryptocurrency market and the efforts of individuals to prevent such impacts.
#JustinSun #TRON #BTC #bitcoin #azcoinnews
This article was republished from azcoinnews.com