According to a report by TorrentFreak from May 25th, the TRON founder Justin Sun is reportedly in the process of acquiring BitTorrent Inc. which is the operator of the popular torrent client uTorrent.
What’s interesting is the fact that earlier this year, Justin Sun sued BitTorrent Inc. for violating a “No Shop” clause from a letter of intent that he had signed in January. Sun’s lawsuit notes that after this letter was signed, BitTorrent’s chief David Chao told him that the company received three “superior” bids from other companies they were in talks with.
After that, Sun’s request for a restraining order for BitTorrent to cease communications with other potential buyers was also dismissed in court. As TorrentFreak writes, the exclusivity period of the letter of intent ended at the end of February, when Sun already had registered a holding company called “Rainberry Acquisition”.
BitTorrent confirmed that the acquisition has not been finalized yet, while Justin Sun still hasn’t responded to our request for a comment.
Meanwhile, TRON is planning to launch the Tron Mainnet in five days. The cryptocurrency is currently ranked ninth on Coinmarketcap and is down a little over 2% in the past 24 hours. The mainnet that is going to be rolled out is probably going to “decentralize the web” and the torrents can align with its idea.
Unrelated to any of this news, the creator of BitTorrent Bram Cohen in 2017 announced that he is planning to create his own cryptocurrency that will fix the “centralization problems” of Bitcoin.
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