BitTorrent, which took the mantle from Napster as a pioneering peer-to-peer protocol for filesharing, has been acquired by Tron - a blockchain protocol with the 11th largest cryptocurrency by market capitalization at $2.4b. The $120m acquisition is one of the first such deals amongst decentralized protocols.
According to a report in Variety at the time, TRON founder Justin Sun began negotiating the acquisition of BitTorrent last September under a "no shop" clause, which prevented BitTorrent from discussing possible mergers with other potential buyers. However, on May 25, BitTorrent reportedly violated that clause and Sun filed legal paperwork to sue. The fate of that lawsuit is unknown. Tron's TRX blockchain-based token is now the 11th largest cryptocurrency with a $2.4 billion market capitalization, according to price data provider CoinMarketCap. In May, Tron started what's called a token swap, shifting all TRX from ethereum to its own blockchain, dubbed Odyssey 2.0.