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Justin Sun Offers $1 Billion to Rescue Struggling Crypto Lender Genesis

• Justin Sun, the founder of Tron, is reportedly willing to invest up to $1 billion to acquire Digital Currency Group’s (DCG) holdings.
• DCG is the parent firm of struggling cryptocurrency lender Genesis and is estimated to be worth $10 billion in 2021.
• Sun’s net worth is estimated to be anywhere from $250 million to $3 billion, depending on the consideration given to traditional assets and cryptocurrencies.

Justin Sun, the founder of Tron cryptocurrency, is reportedly planning to invest up to $1 billion to acquire Digital Currency Group’s (DCG) holdings. DCG is the parent firm of struggling cryptocurrency lender Genesis, which recently suspended withdrawals citing “extreme market dislocation”. As such, DCG’s clients are owed approximately $3 billion.

DCG is a $50 billion asset management firm that is estimated to be worth $10 billion in 2021. Sun is well-known for his high-profile investments and has recently shown interest in the cryptocurrency market. He made headlines when he promised billions in rescue funding to the collapsed FTX, and also announced support for Binance’s Industry Recovery Fund. Sun’s current financial status is uncertain, as Reuters attempted to ascertain his net worth. Estimates place his net worth anywhere from $250 million to $3 billion, depending on the consideration given to traditional assets and cryptocurrencies.

So far, DCG has remained silent on the matter, refusing to comment on Sun’s potential investment. However, Sun has expressed his willingness to invest in the company’s holdings, depending on DCG’s assessment of the situation. It remains to be seen whether Sun’s investment will be enough to save DCG and Genesis from the brink of collapse.