Report: The founder of the cryptocurrency TRON acquired BitTorrent

jeremydils (30)in #tron • 6 years ago

The software company BitTorrent Inc. has been sold to blockchain entrepreneur and developer of the TRON platform, Justin Sun, Variety reported on June 11.

The acquisition allegedly closed last week, with BitTorrent management informing staff about the agreement. According to a source aware of the transaction, the employees of the company have been advised not to disclose any information. Variety reported that some of the interested parties have also been contacted by the transfer agent who was hired for the operation. At the time of publication of this report, no financial information on the acquisition was available.

Last month, Cointelegraph reported that BitTorrent was in the process of being acquired by the founder of TRON. Sun reportedly entered into negotiations with BitTorrent in September of last year and signed a letter of intent to purchase in January. The agreement was suspended because BitTorrent began to negotiate with other bidders, which was contrary to the agreement. The participation of other parties caused Sun to submit an expulsion order from the family home.

Sun eventually dismissed the lawsuit and registered a company called Rainberry Acquisition Inc. Early last year, BitTorrent changed the name of its business entity to Rainberry Inc, Variety reported. Last week, Rainberry Acquisition Inc. allegedly filed a change of status with the California Secretary of State due to a merger. The Rainberry Inc. company of BitTorrent also filed a merger request on the same day.

It was not possible to contact either Sun or the company's representatives for comments. At the time of publication, TRON (TRX) quoted at $ 0.048 with a total market capitalization of more than $ 3.1 billion.

The BitTorrent file sharing service, which closed its live streaming business last year, was developed by Bram Cohen. Reportedly, Cohen left the company to fill a position as executive director at Chia, a San Francisco-based company focused on improving the infrastructure of cryptocurrencies.