Crypto News
Tron Founder Looks To Acquire DCG Assets Worth $1 Billion
Justin Sun, Founder of Tron network announced his intention to acquire assets worth $1 billion from the Digital Currency Group (DCG), according to sources. The move would mark a significant expansion for Sun’s cryptocurrency empire.
Potential Acquisition In View
According to the sources, Sun is looking to acquire a significant stake in DCG with both cash and TRX, the native cryptocurrency of the Tron blockchain.
The deal would reportedly represent a strategic investment, with Sun and his team working closely with DCG to explore new opportunities and expand the reach of both companies.
The move would be a significant one for Tron, which has been working to establish itself as a major player in the blockchain and cryptocurrency space.
The company has already made several acquisitions in recent years, including the purchase of the blockchain-based decentralized storage platform BitTorrent in 2018, and the acquisition of the blockchain-based gaming platform Steemit in 2020.
If the deal goes through, it would also be a significant boost for DCG, which has been expanding its operations in recent years.
The company has been focused on building out its portfolio of blockchain and digital currency startups, and the addition of Sun and his team would bring significant expertise and resources to the table.
The proposed deal is still in the early stages, and no formal agreement has been reached yet. However, sources say that Sun is actively working to secure the investment and that the two companies are in advanced talks.
Reactions To This Proposed Acquisition
The news of the potential acquisition has received mixed reactions from industry analysts.
Some see the move as a positive step for Tron, which would gain access to a wide range of strategic assets and partnerships through the acquisition.
Others, however, have raised concerns about the potential for conflicts of interest, given DCG’s role as a venture capital firm and its investments in many blockchain companies.
Overall, the potential acquisition of Digital Currency Group by Justin Sun and Tron is a significant development in the blockchain and cryptocurrency space.
If the deal goes through, it would bring together two of the most influential players in the industry, and could potentially lead to new opportunities and collaborations for both companies.
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BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”
“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”
The announcement also states that for a limited time, BitPay users will be able to purchase bitcoin with no fees. Those seeking to access the MoonPay integration can do so at BitPay.com or on the BitPay Wallet app.
Bill Zielke, CMO of BitPay, said in the press release that, “BitPay’s partnership with MoonPay brings together two leaders of the crypto payments space to give BitPay users near-instant access to cryptocurrency.”
Echoing that statement, Harry Peatson, partner account manager at MoonPay, explained that, “This partnership will provide users with a greater variety of ways to buy cryptocurrencies, allowing them to use their preferred buying methods, and with much greater speed of delivery than previously.”
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Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.
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The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.
The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.
The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:
“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”
The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.
Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report
The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.
The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.
“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.
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