Justin Sun, the founder of Tron, has made headlines with his offer to buy $2.3 billion worth of Bitcoin (BTC) seized by the German government.
Sun wrote on X, "I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market."
The seriousness of Sun's offer is uncertain, as he often presents himself as a market savior during turbulent times and there is no confirmation he has approached German officials formally.
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Arkham Intelligence reports that a wallet linked to the German Federal Criminal Police Office (BKA) has moved over $300 million worth of Bitcoin to various exchanges. This includes $93.7 million to Coinbase, $84 million to Kraken, and $58.8 million to Bitstamp.
The transfers have contributed to a market decline. At the time of writing, Bitcoin's price has fallen to around $54,197, a 7.55% decrease in the past day and an 11.86% drop in the past week.
Crypto enthusiasts on X have reacted enthusiastically but with some skepticism to Sun's proposal. Despite questions about his ability to fulfill such a large purchase, blockchain analytics firm Arkham Intelligence has linked a wallet to Sun containing nearly $1 billion.
In January, Germany seized 50,000 BTC from operators linked to a major movie piracy site. The wallet maintained this balance until June 18, when the first outflow happened.
Overall, Sun's offer aims to prevent further market destabilization, though the viability of his proposal remains uncertain.
