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Justin Sun, TRON’s founder, acquires BitTorrent Inc, bug bounty winners announced.

The negotiations that have lasted for almost a year have been finalized as Justin Sun, TRON’s founder, acquires BitTorrent Inc. Although the finer details of the acquisition have not been released yet as reported by Variety, the acquisition was closed last week.

After the final steps of the acquisition, BitTorrent notified its staff of the development although they were cautioned against speaking to the public about the issue.

The talks for a possible acquisition of the company by TRON’s founder began last year when Justin Sun expressed his intention of acquiring the software company by signing a ‘letter of intent to acquire’ in early 2017.

The deal temporarily went south when BitTorrent involved other possible buyers in a move that led Justin Sun to file a lawsuit where he acquired a temporary restraining order. After Sun dropping the lawsuit, he registered Rainberry Acquisition Inc. The registration, coincidentally, came after BitTorrent changed its name to Rainberry Inc.

To seal the deal, the two firms, Rainberry Acquisition Inc. and Rainberry Inc. both filed change of status documents with the California secretary of state.

As Justin Sun, TRON’s founder, acquires BitTorrent Inc, Tron has finally announced the winners of the testnet bug finding contest. The contest which ran from March 31 to May 31 this year, was meant to find any bugs in TRON’s open source code.

15 winners have been identified with the highest taking home 2860 and the least earning 400 all of which will be awarded in form of the TRX token.

To test the mainnet for bugs before launch, TRON is offering a reward of $10 million. Through this reward, TRON aims at discovering “Potential technical vulnerabilities in the mainnet with the help of TRON’s community members, especially those who specialize in global network security, to sustain TRON mainnet as the most secure public blockchain in the industry and to provide secure and stable infrastructure and services to DApps deployed on the mainnet.”

Do you think TRON’s founder has bigger plans for BitTorrent/ Rainberry Inc which may involve the TRX token?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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