As innovative and interesting as the cryptocurrency industry is, it should be acknowledged that it is a business world and as such, it is subject to rumors and speculations of acquisitions, hiring and firing and strategic moves by some of the biggest companies. Within the cryptocurrency industry, there are some very influential companies such as Tron and Binance whose every move is being watched by the crypto-focused media as they continue on the path of dominance within the industry. One of these moves is the acquisition as both companies have in the past bought out smaller firms and recently there were rumors of Tron being in the process of making yet another one.
On October 19, 2019, Justin Sun, the CEO of Tron, took to Twitter to deny rumors that he is looking to acquire Poloniex, a crypto exchange, and instead stated that he is an active investor and listed out some of the assets he owns.
Putting an End to Rumors
The latest rumor circulating was that Justin Sun was part of an investment group that is looking to acquire the crypto exchange Poloniex. However, judging by his latest tweet, it seems this rumor has been officially denied.
“Just invest some and help out my friends. Actually I have a huge bag of $BNB, $HT, $OKB etc and bet on all exchanges that support $TRX & $BTT,” he tweeted.
Currently, Poloniex intends to branch out from the parent company Circle and create a new trading platform that will not provide services for users within the United States.The new company behind Polonius is Polo Digital Assets and apparently, this is backed by an unspecified Asian investment group and it was reported that Justin Sun is a member of that group. Reports are that Sun made an appearance at the company headquarters and employees were ask if they would prefer to remain as Poloniex or move to Polo digital assets.
While this tweet does seem to shut down any rumors that Justin Sun is the person leading the consulting firm looking ot buy Poloniex, it will still be interesting to watch just how the future of the exchange evolves under its new management and what this will mean for global crypto users.