Justin Sun, the founder of Tron, has made headlines with his offer to buy $2.3 billion worth of Bitcoin (BTC) seized by the German government.
Sun wrote on X, “I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.”
The seriousness of Sun’s offer is uncertain, as he often presents himself as a market savior during turbulent times and there is no confirmation he has approached German officials formally.
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Arkham Intelligence reports that a wallet linked to the German Federal Criminal Police Office (BKA) has moved over $300 million worth of Bitcoin to various exchanges. This includes $93.7 million to Coinbase, $84 million to Kraken, and $58.8 million to Bitstamp.
The transfers have contributed to a market decline. At the time of writing, Bitcoin’s price has fallen to around $54,197, a 7.55% decrease in the past day and an 11.86% drop in the past week.
Crypto enthusiasts on X have reacted enthusiastically but with some skepticism to Sun’s proposal. Despite questions about his ability to fulfill such a large purchase, blockchain analytics firm Arkham Intelligence has linked a wallet to Sun containing nearly $1 billion.
In January, Germany seized 50,000 BTC from operators linked to a major movie piracy site. The wallet maintained this balance until June 18, when the first outflow happened.
Overall, Sun’s offer aims to prevent further market destabilization, though the viability of his proposal remains uncertain.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
