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Tron Founder Purchased BitTorrent

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The developer of blockchain –based platform TRON, Justin Sun, has recently announced the acquisition of software company BitTorrent Inc., Variety reported June 11.

The acquisition supposedly was made last week, with BitTorrent administration notifying its staff about the contract. The company’s employees have been urged not to disclose any information.

Variety reported several of the stakeholders have also been contacted by the transfer agent who was appointed for the deal, according to a source that knew of the transaction. No further financial details of the acquisition have been made available so far.

The torrent hosting site BitTorrent, which closed down its live streaming services last year, was developed by Bram Cohen. Cohen supposedly left the company for a CEO position at Chia, a company based in San Francisco which focuses on improving cryptocurrency infrastructure.

Last month, Cointelegraph stated that BitTorrent was amidst negotiations with the TRON founder. Justin Sun reportedly began discussions with BitTorrent in September of last year, and even signed a letter of intent to make the acquisition in January. The deal was postponed due to other negotiations with additional bidders started by BitTorrent, which contravened with what was signed in the agreement. The involvement of other parties led Sun to file a temporary restraining order.

Sun, in the end, let go of the lawsuit and registered a company named Rainberry Acquisition Inc. At the start of last year, BitTorrent had changed the name of its business to Rainberry Inc. It was reported last week, that Rainberry Acquisition Inc. filed a change of status with the California Secretary of State citing a merger. On the exact same day, BitTorrent’s Rainberry Inc. also filed for a merger.

Neither Sun nor company representatives could be contacted for further comments. At the time the article was written, TRON (TRX) was priced at $0.048 with a total market capitalization of over $3.1 billion.


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