BitTorrent Acquired by Tron Cryptocurrency Founder

TRON Reportedly Acquiring BitTorrent Inc.

BitTorrent has been sold to the blockchain entrepreneur, Justin Sun, the developer of TRON cryptocurrency, as reported by Variety on June 11. The acquisition was closed last week with bit torrent management informing staff about the deal.

Last month, CCJ reported that BitTorrent was in the process of being acquired by Justin Sun. The founder of TRON reportedly entered into negotiations with BitTorrent in September 2017 and signed a letter of intent to purchase the company in January. BitTorrent later stated that the deal was suspended because they had negotiated with other bidders, which led to Sun filing a temporary restraining order with the company.

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Sun later dismissed the lawsuit and registered the company Rainberry Acquisition Inc. which BitTorrent had renamed its business to act the beginning of last year.

Currently TRON is trading at $0.048 with a total market cap of over $3.1 billion. The release of this report will most likely impact the short-term trading price.

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