Justin Sun ready to invest $1 billion for purchase of DCG's assets
Technology
Genesis, which owes to debtors more than $3 billion, said that it was trying to avoid bankruptcy
LONDON (Reuters) - Chinese cryptocurrency entrepreneur Justin Sun is prepared to invest $1 billion to purchase assets from Digital Currency Group (DCG), the parent firm of troubled cryptocurrency lender Genesis.
Genesis halted customer withdrawals and declared that it was attempting to avoid filing for bankruptcy in November. It owes its debtors more than $3 billion based on information from a source with knowledge of the situation.
In an interview with Reuters, Sun stated that depending on their judgment of the situation he might be prepared to invest up to $1 billion to purchase part of DCG s assets. However Sun didn t say which assets he was thinking about purchasing.
