BitTorrent sold to founder of Tron blockchain – Report

BitTorrent has been sold to Justin Sun, the founder of Tron, Variety reported.

Citing a source with knowledge of the transaction, Variety said BitTorrent’s management informed staff of the acquisition last week, but advised them not to speak to the press.

The corporate history of BitTorrent has been storied, with the company raising millions to build an entertainment business on top of its protocol 10 years ago.

Its plans failed and BitTorrent laid off many of its staff, and recapitalised in 2008.

After growing the business through bundled software and advertising, two new investors bought into the company in 2016 and became its co-CEOs.

They spearheaded another expensive foray into the media space, which failed. They were fired as co-CEOs later that year.

BitTorrent also shut down its live streaming business in 2017, and founder Bram Cohen – who developed the core technology behind BitTorrent Live – left the company to become CEO of Chia.

Now read: BitTorrent official uTorrent client has a security vulnerability

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BitTorrent sold to founder of Tron blockchain – Report