Tron founder, Justin Sun, offers to buy back 41,500 bitcoins from the US government seized from the Silk Road case.
Justin Sun has been going through tough times lately, when being sued by the SEC for fraud and market manipulation and losing his status as Grenada’s ambassador, Sun has indeed been on the radar of the regulator. American law.
With recent court documents revealing that the government US is planning to liquidate 41,500 bitcoins obtained from the Silk Road case.
“The US government plans to sell 41,500 Silk Road-related bitcoins in four different tranches this year,” the document said.
Sun immediately made an offer to the US government.
US government has announced its intention to sell an additional 41,500 #BTC this year. To minimize the potential impact on the market, I would like to offer to purchase these BTC at a 10% discount for an OTC deal.
— HE Justin Sun (@justinsuntron) March 31, 2023
Sun said it would be willing to buy back all of these bitcoins at a 10% discount, and trading can be done over-the-counter. The reason for buying bitcoin was shared by Sun that “was to minimize the potential impact of selling these BTC on the market.”
Obviously, selling such a large amount of BTC can definitely affect the price so Sun doesn’t want that to happen.
The US government sold 9,861 BTC through Coinbase on March 14, 2023. It is currently unclear whether the US will accept this request from Sun, especially at a time when Sun is being accused by the regulator. on market manipulation.
See also: Justin Sun, Tron Foundation, BitTorrent Foundation sued by SEC
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