TRON's founder isn't scared to bid for the Silk Road Bitcoin stash. Justin Sun, the founder of TRON, has proposed acquiring some of the Silk Road Bitcoin from the US government "at a 10% discount for an OTC deal."
The crypto entrepreneur announced his bid in a Twitter thread made on Friday, stating that the proposal would "minimize the potential impact on the market."
Sun's statement came briefly after the US confirmed selling part of Bitcoin connected to Silk Road.
The sale of 9.861 BTC was conducted on March 14 when Bitcoin surpassed the $25,000 mark. The selling price was reported at $21,800 for each BTC and transaction fees reached $215,000.
The previous report indicated that earlier in March, a number of Bitcoin were reportedly moved to Coinbase. The recent news of the confiscation of 50,000 Bitcoin from James Zhong, who was involved in the infamous Silk Road cybercrime, has caused quite a stir in the cryptocurrency world.
It is estimated that the total value of the confiscated Bitcoin amounts to a staggering $1.4 billion, making it one of the largest Bitcoin seizures in history.
However, the US government has already sold off a portion of the Bitcoin, with the remaining 8,500 BTC being sold in multiple auctions throughout 2022. The subsequent four sales, scheduled for the coming months in 2023, are expected to attract significant interest from institutional investors and high-net-worth individuals.
Sun Wants The Score
Despite the looming threat of increased selling pressure on the Bitcoin market, the price of Bitcoin has continued to defy all expectations and has maintained its impressive momentum. In fact, in March 2023, Bitcoin surpassed $29,000, indicating that the demand for the world's largest cryptocurrency is still alive and well.
Many experts in the industry believe that the continued adoption of Bitcoin as a store of value and a hedge against inflation will continue to drive demand and push the price higher.
Sun previously offered to buy Credit Suisse at a $1.5 billion bid. It remains to be seen whether any official proposal was made. However, the European bank was eventually acquired by UBS Group at $3.2 billion.
Meanwhile, TRON's founder is facing a couple of negative news. Reports suggest that Justin Sun, the founder of TRON, may have been no longer Grenada's ambassador to the World Trade Organization (WTO) in June 2022.
Grenada media traced this development back to the Grenada elections, where the political party that had appointed Sun was defeated by its opponents, leading to the new administration recalling all ambassadors for the reallocation of duties.
Despite these reports, Sun has yet to confirm whether he is still Grenada's ambassador.
In 2021, Sun surprised many when he announced his appointment as Grenada's ambassador to the WTO, despite having no previous links with the country. Some have speculated that this move was an intentional ploy by Sun to gain legal immunity applicable to diplomatic staff.
Sun is Shameless
Since then, Sun has appeared in interviews and promotions with the flag of Grenada and logos of the various crypto companies he manages or acquires, including TRON (TRX), BitTorrent (BTT), Poloniex exchange, and most recently, Huobi exchange.
Sun has also actively promoted the adoption of cryptocurrencies in the TRON ecosystem in the Caribbean, claiming that the Dominican island nation recognizes TRX, BTT, JST, NFT, USDD, USDT, and TUSD as legal payment instruments.
Speculation about Sun's position as an ambassador resurfaced after the US Securities and Exchange Commission (SEC) sued him for illegal securities offering related to two projects, TRON (TRX) and BitTorrent (BTT), as well as engaging in market manipulation and dishonest promotion.
It looks like Sun is punching above his weight, and it is starting to catch up with him.
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