The founder of TRON (TRX), Justin Sun, seems to be getting closer to acquiring BitTorrent Inc., after a lot of legal and change-of-name issues. According to reports, in January this year, Sun sued BitTorrent Inc. for reportedly overruling the “No Shop” clause, which was a part of a letter of intent signed at the start of 2018.
Court Dismisses Lawsuit Against BitTorrent
The lawsuit says that after signing the letter of intent, David Chao of BitTorrent told Sun of receiving three superior bids from other companies. However, when Sun requested a restraining order to stop the communications of BitTorrent with these potential superior buyers, the court dismissed the plea. Incidentally, the exclusivity period of the letter of intent came to an end in February and at the same time Sun completed registration formalities for a holding company called, “Rainberry Acquisition.”
According to Sun, “Within literally hours after the parties agreed to the Letter of Intent, and after [Rainberry CEO] Ro Choy began performing the terms of the Letter of Intent, Defendant claims it received three ‘superior’ bids from companies that David Chao admitted they had been communicating with.” Although the deal of acquisition is not yet finalized, reports indicate that Sun is closer to completing the process of acquisition.
TRON Crashes By 5%
TRON is expected to launch the Tron Main Net in a few days. It has a market cap of approximately $4.6 billion and is currently ranked on the ninth spot of Coinmarketcap. But recently the market showed a bearish trend with all cryptocurrencies from Bitcoin (BTC) to Bytecoin (BCN) in dramatic sell-off. TRON which was holding strong ground until a few days ago, suddenly crashed by 5% and is now trading at 6 cents. Most of the community was expecting that TRON would hit 10 cents by the end of this month. Apart from the Main Net from TRON, EOS is also planning to launch its Main Net in the coming days.
Even the second largest cryptocurrency, Ethereum (ETH) crashed by 6% to $518, which in April hit a low at $370. Earlier in the first part of May 2018, ETH recovered speedily and reached about the $800 mark. Surprisingly, the crypto community was expecting the digital currencies to rise but no one expected this sudden drop in their value.