TRON’s Founder Keeps Trying to Acquire BitTorrent
Cryptovest
Published May 26, 2018 01:18PM ET
Updated May 26, 2018 01:31PM ET
TRON’s Founder Keeps Trying to Acquire BitTorrent
Justin Sun, founder of TRON, might be in the final steps of acquiring BitTorrent Inc. after struggles making headway in the past. The story of BitTorrent’s acquisition is a labyrinth of mayhem that involves a lawsuit and the renaming of the company a few weeks ago to “Rainberry.”
Earlier in the year, Rainberry was caught in a lawsuit with Justin Sun, the latter alleging that Rainberry violated the agreement signed by both parties in a letter of intent to purchase by getting into talks with other firms that wanted to acquire it.
“Within literally hours after the parties agreed to the Letter of Intent, and after [Rainberry CEO] Ro Choy began performing the terms of the Letter of Intent, Defendant claims it received three ‘superior’ bids from companies that David Chao admitted they had been communicating with,” Sun argues in his lawsuit.
As part of the suit, Sun asked for the court to stop BitTorrent from discussing its acquisition with other suitors, a violation of the terms within the letter of intent. The court did not grant the motion, but the fight wasn’t over.
Around the time that the letter of intent’s provision expired in February, a holding company called “Rainberry Acquisition” appeared out of the blue, registered by Justin Sun.
It looks like TRON’s founder isn’t giving up just yet on the dream of acquiring the company behind uTorrent, and Rainberry remains open about the subject.
We still have no information on what exactly Sun would like to do after acquiring Rainberry, but the BitTorrent network seems like something a cryptocurrency company would be interested in, particularly because of its semi-decentralized nature. In the meantime, TRON is tidying things up in preparation for its mainnet release scheduled for the end of the month, having recently This article appeared first on Cryptovest
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Written By: Cryptovest
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