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.
Apparently, the acquisition closed only last week, with the management notifying staff about the deal. As per the source person who is aware of the transactions, the company’s employees have been counseled not to release any information. No financial particulars of the acquisition have been obtainable as of now. Variety reported that several stakeholders have already been contacted by the transfer agent who was hired for the deal.
It was reported last month that BitTorrent was being acquired by the TRON founder. Sun reportedly got into discussions with the company in September of last year and signed a letter of intent to purchase in January. The deal was suspended because the company began negotiating with additional bidders, which was against the agreement. The participation of other parties forced Sun to file a temporary restraining order.
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 company council could be reached for comment. As of press time TRON (TRX) was trading at $0.048 with a total market capitalization over $3.1 bln.