Crypto Tycoon and Tron Founder Justin Sun Mulls CoinDesk Bid

Crypto Tycoon and Tron Founder Justin Sun Mulls CoinDesk Bid
via ARTnews

By Kathy Chu, TruthDAO

Crypto magnate Justin Sun says he plans to bid for CoinDesk, a leading crypto publication now owned by embattled conglomerate Digital Currency Group (DCG).

In an interview Feb. 1st with TruthDAO, Sun said he has already contacted Lazard Ltd., the investment bank hired by CoinDesk to explore a potential sale, to express his interest. Sun previously told Reuters he would spend up to $1 billion to buy the assets of DCG.

As for why he is interested, Sun had this to say: “I have plans (for CoinDesk), but it depends on valuation and the situation.” Sun, the founder of the TRON blockchain ecosystem, is a key adviser to cryptocurrency exchange Huobi.

“Everything is possible,” Sun offered. “We will see the results in the next 40-60 days.”

Lazard and CoinDesk didn’t respond to a request for comment.

Like many crypto concerns, DCG has lately been struggling amid a tough macro environment for crypto assets. DCG's crypto lending arm, Genesis, filed for Chapter 11 bankruptcy in January. Genesis hoisted the white flag after suffering massive losses stemming from its exposure to Three Arrows Capital and FTX.

FTX collapsed in the wake of reporting by CoinDesk that its balance sheet was heavily reliant on exchange-created token FTT. Three Arrows Capital filed for Chapter 15 bankruptcy in the Southern District of New York after missing margin calls with lenders.

Watch the full video interview here.