Justin Sun might spend $1 billion of his funds to purchase property belonging to Digital Currency Group, in line with a report from Reuters on Jan. 13.

Solar advised the media firm that he might spend that quantity to purchase a portion of DCG’s property “relying on their analysis of the scenario.”

Reuters was unable to find out the extent of Solar’s wealth. Nonetheless, estimates from 2021 counsel that DCG is valued at round $10 billion and has $50 billion of property beneath administration. In the meantime, estimates place Solar’s internet price between $250 million and $3 billion, relying on whether or not mentioned estimates embrace each crypto and conventional property. As such, any deal would probably contain solely a modest portion of DCG’s property.

Reuters couldn’t decide which property Solar was contemplating shopping for, and the Digital Forex Group didn’t state any of the above issues.

Entities linked to each Solar and DCG face challenges. DCG subsidiary Genesis introduced that it will lay off 30% of its staff earlier this month as a consequence of market situations. Genesis halted customer withdrawals final yr, each for its lending service and for its Gemini accomplice service, Earn. It reportedly owes purchasers over $3 billion.

Huobi, the Asia-based crypto change at which Solar is an advisor, introduced that it will lay off 20% of its staff this week. The exchanges’ troubles look like restricted to staffing prices because the agency continues to serve prospects.

DCG will not be the primary troubled firm that Solar has proven curiosity in. He additionally tried to purchase property belonging to FTX and Credit Suisse in late 2022.

Solar is greatest referred to as the founder and former CEO of TRON, however now not serves in any official management position at that blockchain mission.

Posted In: U.S., Deals, People

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