Sun prepares consumption of 5 billion. USD, Celsius deals “revealed” and more

Justin Sun. Source: a video screenshot, Youtube, Tron

Tron (TRX) founder Justin Sun says he is ready to spend big money on acquisitions as another week of cryptocurrency begins – and there are also developments from Celsius (CEL) (as usual!), During the stock market CoinFlex could prepare to tense his legal muscles on Roger Ver.

Here’s everything you need to know:

Sun is ready to focus on fighting crypto companies

In a tweet wrote Sun at Tron is “friends with everyone” and “always ready to serve.” He went on to tell The Block that “many” companies have already approached Tron and Sun for financial support as many companies in the industry continue to struggle.

Sun added that he was willing to spend up to $ 5 billion and that Tron hired “an investment bank” to “advise on potential trades.”

The Tron chief was quoted as saying:

“We are interested in platforms with a large user base – both [zentralisierte Finanz-] as well as [dezentralisierte Finanz-] DeFi platforms. “

Sun concluded that “the worst” of the “de-leverage process” was over, but said the industry “just” needs to clean up and move on.

Celsius still in hot water

After enduring a hot, eventful summer, cryptocurrency lender Celsius reportedly used $ 534 million of its customers’ cryptocurrencies to execute “high-risk leveraged cryptocurrency trading strategies.”

The allegations were confirmed in a report by blockchain analytics specialists Arkham Intelligence created via the Celsius network. The company explained that Celsius carried out its “strategies” with the help of a third money manager – namely the “infamous Twitter personality and Ethereum wallet address 0xB1.”

But the strategies resulted in “apparent losses of $ 350 million as the money manager returned its capital” – a figure that has continued to shrink in the wake of the market crisis, Arkham analysts added.

Arkham reported that Celsius had “potential gaps in risk management and accounting for corporate funds” and said this was “due to its relationship with 0xB1”.

The research firm claimed that from August 2020 to April 2021, Celsius passed $ 534 million in tokens in 260 transactions.

0xB1, the company said, then invested those funds in a series of DeFi projects.

The Wall Street Journal, meanwhile, reportedly quoted unnamed “people familiar with the case” that Celsius had hired “new lawyers to provide restructuring advice.”

The same sources confirmed that Celsius’s lawyers at the world’s largest law firm measured by turnover – Kirkland and Ellis – has hired. Kirkland & Ellis has been brought in to “advise options, including filing for bankruptcy, and to replace the company’s former senior restructuring adviser,” according to sources.

CoinFlex on its way to court

The crypto-trading platform CoinFlex, founded in 2019 by Mark Lamb and Sudhu Arumugam, is ready to take legal action with an unnamed client believed to be Bitcoin Cash (BCH) advocate Roger Ver.

In a blog post, the stock exchange, which suspended withdrawals in June, said it has initiated arbitration proceedings in Hong Kong to recover $ 84 million in losses from the client.

Lamb previously claimed that Ver failed to honor a $ 47 million USD coin (USDC) loan deal. Lamb has claimed that Ver is contractually obliged to “guarantee any negative equity”, even though Ver has publicly stated that it is he who owes the money.

In the latest CoinFLEX post, the stock exchange wrote that it expects it will take about a year before the company can obtain a ruling that allows it to claim the unnamed customer’s assets.

The stock exchange wrote:

“We were asked to close the account, but he informed us some time later that he wanted to transfer significant funds to the stock exchange to take over the physical delivery of the futures positions.”

But, the stock exchange added, it is now “clear to us” that the client actually “wasted time hoping for a market recovery that never happened.”

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