- Bram Cohen in a tweet said that Justin Sun has finally paid the last payment for the 2018 acquisition deal of BitTorrent
- The long last issue may have settled but it is highly unlikely that the fuet between the Bram Cohen and Justin Sun will be solved any time soon
Anyone who has been following the Bram Cohen and Justin Sun saga over BitTorrent since the beginning knows the controversies and twists it had undergone. But it seems it has finally reached the end. This happened when on October 1, Bram Cohen in a tweet said that Justin Sun has finally paid the last payment for the 2018 acquisition deal of BitTorrent.
What’s the Story: From Beginning
Justin Sun, CEO of Tron in a bid made a deal to acquire peer-to-peer file-sharing company BitTorrent in 2018. The deal was finalized for $120 million but later changed to $140 with the mutual consent. The acquisition was completed a year later although a tweet from Bram Cohen said otherwise. He stated that Justin Sun is withholding the final payment for the BitTorrent by doesn’t let it out from the escrow. Cohen reasoned his statement saying Justin wants to keep the money to himself, although Sun denied.
The story has another side, where BitTorrent was sued for violating the “No-Shop” clause of the acquisition. As per reports, BitTorrent changed its name to “Rainberry”. Justin Sun’s lawsuit claimed moments after the Letter of Intent was signed by both parties, BitTorrent admitted to communicating with third parties for a higher price. NEO and EOS were offering a higher bid to the BitTorrent.
If this seems the end of this, it isn’t. Just shortly after the acquisition, Bram Cohen left the company but the purchase went through. In fact, in early 2019, Sun raised $7 million through an ICO for BitTorrent that lasted for 15 minutes. Post this, statements of payment being held were made, Justin Sun getting trapped with the Chinese authorities.
At the time, Roy Liu, TRON’s Head of Business Development commented that the money is being withheld by the escrow account and that doesn’t make it Justin’s Cash. He went a step ahead and claimed Justin Sun had already signed the paper off. Cohen was quick to revert on it and pointed out that TRON is making attempts to get any possible amount of funds back. He even quizzed Roy about the delay of two months in signing off the deal.
The long last issue may have settled but it is highly unlikely that the fuet between the Bram Cohen and Justin Sun will be solved any time soon.
Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.