Tron (TRX) Founder Justin Sun Wants to Buy Over $1,144,000,000 in Bitcoin Held by US Government
Tron (TRX) founder Justin Sun says he wants to buy more than $1.1 billion in Bitcoin (BTC) that the US government plans to sell, possibly as early as this month.
Sun says his 3.4 million Twitter followers that he is offering to buy the government-seized Bitcoin at a 10% discount to compensate for the effects such a large sale could have on the crypto market.
“The United States government has announced its intention to sell an additional 41,500 BTC this year. To minimize the potential impact on the market, I will offer to buy these BTC at a 10% discount for an OTC [over the counter] deal.”
Sun is responding to news that the government said it plans to sell the rest of the roughly 51,351 Bitcoins seized from hacker James Zhong, who authorities accused of stealing the virtual assets from the now-defunct Silk Road illegal marketplace in 2012.
On March 14, the government sold about 9,861 BTC of the total amount seized for more than $215 million, leaving approximately 41,491 BTC.
At Bitcoin’s current price of $27,588, the sale of the remaining BTC would be worth more than $1.14 billion.
The new details about the seized BTC were in a filing with the US District Court for the Southern District of New York and relate to Zhong’s sentencing.
The government says it will not sell the rest of the BTC until after Zhong is sentenced, which is scheduled for April 14.
Zhong was accused of stealing Bitcoin by tricking the site’s payment processing system through the use of fake accounts and rapid deposits and then withdrawals of larger amounts.
Zhong pleaded guilty to wire fraud in connection with the theft.
Silk Road was a former dark web black market in operation from approx. 2011-2013 and was often associated with illegal activities such as money laundering and drug dealing.
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