Tron DAO (TRX) founder Justin Sun has offered to buy 41,490 BTC confiscated by the U.S. government in the Silk Road case. The U.S. government plans to sell the bitcoins in four tranches this year, according to court documents.
#Justin Sun Purchase offer 41,490 #bitcoin from the US government https://t.co/VoNzSdV0ti
— Kyptos (@azcoinnews) April 1, 2023
Sun’s proposal comes as he faces a legal battle with the US Securities and Exchange Commission (SEC) over market manipulation and fraud. It was also reported that Sun had been stripped of his status as Grenada’s diplomatic ambassador and that the U.S. government was closely monitoring his activities.
Sun suggested buying all bitcoins at a 10% discount over-the-counter to minimize market impact. Sun knows that selling large amounts of Bitcoin can significantly affect the price, and he is working hard to prevent that from happening.
The US government sold 9,861 BTC on March 14, 2023. However, due to the ongoing legal issues he faces, it is unclear whether they will accept Sun’s proposal.
It’s worth noting that this isn’t Sun’s first attempt at making an impact in the market. In 2019, he won a lunch with Warren Buffett charity auction for $4.6 million, designed to convince him of the potential of cryptocurrencies.
Overall, the U.S. government’s offer to buy 41,490 BTC from Sun is an interesting development in the crypto world. It remains to be seen whether the U.S. government will accept his proposal or continue with its plan to sell bitcoin in batches. However, the story highlights the potential impact of government action on the cryptocurrency market and the efforts of individuals to prevent such impact.
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according to Kyptos