Blockchain entrepreneur and developer of the TRON platform, Justin Sun has reportedly bought Software Company BitTorrent Inc.
The file sharing service BitTorrent, which put down the lid to its live streaming business last year, was built up by Bram Cohen. Cohen reportedly left the company for a CEO position at Chia, and a San Francisco-based company focused on improving cryptocurrency infrastructure.
The company closed the acquisition just last week and notified staff about the deal. According to a source familiar with the transactions, the company has counseled employees not to release any information. So far, the company has not released any financial details of the acquisition. Variety reported that the transfer agent hired for the deal has already contacted several stakeholders.
Last month, reports stated that the TRON founder was acquiring BitTorrent. Sun reportedly entered discussions with the company in September of last year and signed a letter of intent to purchase in January. When the company began negotiating with additional bidders, violating the agreement, Sun suspended the deal and filed a temporary restraining order due to other parties’ involvement.
In the end, Sun dismissed the lawsuit and registered a company called Rainberry Acquisition Inc. At the start of last year, BitTorrent had renamed its business entity to Rainberry Inc., as reported by Variety. Last week, Rainberry Acquisition Inc. reportedly filed a change of status with the California Secretary of State due to a merger. BitTorrent’s Rainberry Inc. also filed for a merger on the very same day.
Neither Sun nor the company counsel responded to requests for comment. As of press time TRON (TRX) was trading at $0.048 with a total market capitalization over $3.1 bln.