Justin Sun and SBF Could Be the Buyers of Huobi Global

Justin Sun and SBF Could Be the Buyers of Huobi Global
  • Huobi mentioned that the controlling stake has changed hands.
  • Justin Sun and SBF were fighting for ownership of the exchange.
  • HT, the native token, has increased during the past three hours.

Huobi, a cryptocurrency exchange, stated last week that a controlling stake had changed hands, but it seems there is more going on. Huobi Global said on Saturday that company founder Leon Li has sold his whole controlling interest to About Capital Management of Hong Kong. 

Sam Bankman-Fried and Justin Sun, the inventor of Tron, were among the crypto entrepreneurs fighting for ownership of the exchange. The two were said to be leading efforts to purchase a 60% interest in the Seychelles-based cryptocurrency exchange in August of this year. However, SBF has beforehand denied any curiosity in Huobi.

Currently, Justin Sun is actively hiring, and Huobi is also taking over parts of its divisions. The cost is around $1 billion. In response to WuBlockchain, Justin Sun said he “didn’t participate.” 

Then, however, Justin Sun’s official social media revealed that he had joined Huobi as a worldwide advisor. The advisers include Valkyrle Leah Wald, Du Jun, Justin Sun, Vice President of the Hong Kong University of Science and Technology, and About Capital founder Chen Yihua.

According to Wu, the change might make Binance, which has previously backed Justin Sun, a rival.

At the TOKEN2049 convention in Singapore last month and at the employee after-party, Sun was spotted at Huobi’s event stand. In order to buy Huobi, Justin Sun and the FTX CFO frequently communicated in Singapore, according to Wu.

Since then, there has been no official statement from FTX or SBF confirming or disproving what are essentially rumors about his involvement.

According to CoinGecko, the native token of Huobi, HT, has increased during the past three hours, rising 5% to trade at $4.30 at the time of writing. HT is down 89% from its all-time high of May 2021 and has been flat over the past three months.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer