Software company BitTorrent Inc. has reportedly been sold to blockchain entrepreneur and developer of the TRON platform, Justin Sun, Variety reported June 11.The acquisition ostensibly closed last week, with BitTorrent management informing staff about the deal.
Last month, Cointelegraph reported that BitTorrent was in the process of being acquired by the TRON founder.
Sun reportedly entered into negotiations with BitTorrent in September of last year, and signed a letter of intent to purchase in January.
The deal was suspended because BitTorrent started negotiating with additional bidders, which ran contrary to the agreement.
Sun eventually dismissed the lawsuit, and registered a company called Rainberry Acquisition Inc. At the beginning 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 representatives could be reached for comment.
The file sharing service BitTorrent, which shut down its live streaming business last year, was developed by Bram Cohen.
Cohen reportedly left the company for a CEO position at Chia, a San Francisco-based company focused on improving cryptocurrency infrastructure.
Report: TRON Cryptocurrency Founder Acquired BitTorrent
Published on Jun 12, 2018
by Cointele | Published on Coinage
Mentioned in this article
Billionaire Investor and Milwaukee Bucks Owner Predicts Bitcoin Could Reach $40,000
Marc Lasry, co-founder, and CEO of Avenue Capital Group shared two interesting facts in a recent interview with CNBC. First, Lasry said that 1% of his net worth was invested in Bitcoin and second, he believes the world's top digital currency could reach $40,000 one day.
Cryptocurrency Conversations on Capitol Hill
Cryptocurrency was all the buzz on Capitol Hill on Thursday.
Bitcoin Prepares to Test $8K After Bull Breather
Bitcoin's refresher pause has likely set the tone for the next leg higher in prices.
South Korean Administrative District Builds Blockchain-based 'Proposal Evaluation System'
South Korea's Yeongdeungpo-gu district has established a "Proposal Evaluation System" based on blockchain to improve the fairness and integrity of administrative procedures, according to a July 19 governmental press release.