Chinese crypto-entrepreneur wants to buy assets of cryptocurrency lender Genesis’ parent company, which is threatened with bankruptcy
Chinese crypto-entrepreneur Justin Sun is willing to spend $1 billion of his own money to buy assets owned by Digital Currency Group (DCG), the parent company of cryptocurrency lender Genesis, which is facing bankruptcy.
Genesis froze customer withdrawals in November and said it was trying to avoid filing for bankruptcy. According to knowledgeable sources, Genesis owes its creditors more than $3 billion.
Genesis’ owner, DCG, is also the parent company of several well-known crypto firms, including crypto asset manager Grayscale, and its website lists more than 160 companies in its venture capital portfolio. As the Financial Times reported, DCG is considering selling part of that portfolio to raise money.
Justin Sun told Reuters in an interview that he is willing to spend up to $1 billion to buy some of DCG’s assets, “depending on their assessment of the situation.”
Sun did not specify which assets he was considering buying.
Digital Currency Group declined to comment.
Justin Sun is the founder of a blockchain network called TRON and an advisor to cryptocurrency exchange Huobi.