Justin Sun, the founder of TRON, had conversations with the infamous crypto exchange Bitfinex over investing in a potential Initial Exchange Offering. According to a person familiar with the talks, Sun considered an investment in the region of $300M.
It is to be noted that Sun has confirmed to Crypto Briefing that he took part in discussions with Bitfinex about participating in their Initial Exchange Offering. As per the crypto media outlet, he wouldn’t confirm the amount but added that the talks finished without any conformity to invest.
It is to be noted that it’s not clear when exactly these talks took place or whether there is any connection between the recent Tether fiasco and the IEO. Moreover, the founder of the eleventh largest cryptocurrency by market cap, Tron, has not ruled out the likelihood of an investment sometime in the future.
It is to be noted that Bitfinex had not released any official statement regarding investment by Justin Sun by the time we went to press.
Speculations about a potential Bitfinex Initial Exchange Offering began brusquely after the New York Attorney General’s office accused iFinex of defrauding investors. Notably, iFinex is the owner of the Bitfinex exchange. The Attorney General claims that the crypto exchange clandestinely used USDT to cover an $850M deficit.
Zhao Dong, a Bitfinex shareholder, told users on a Chinese social media platform, earlier this week, that the crypto exchange was preparing to issue its own native token, at a dollar each, in a billion-dollar Initial Exchange Offering. Zhao further mentioned that the sale would only be available to “qualified foreign investors.” These investors would have to agree to a minimum buy-in of a million dollars by this coming Sunday, he adds.