Recently, Chinese crypto exchange Huobi Global announced that it has been taken over by an investment firm. But the real supporters of the deal may be some of the leading names in the industry, like TRON inventor Justin Sun.
Is the TRON inventor behind Huobi now?
Cryptocurrency exchange Huobi announced last week that the controlling share has changed hands, as we have also reported as Kriptokoin.com. Huobi Global on Saturday said it has sold its founder Leon Li’s entire “control stake” to Hong Kong-based About Capital Management. However, Sam Bankman-Fried and Tron founder Justin Sun were also competing for shares in the crypto exchange. Earlier this year, it was reported that the two were seeking to acquire a 60 percent stake in the Seychelles-based crypto exchange. However, Sun disputed these reports.
We have not engaged any matters related to the Bloomberg story at this moment.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 12, 2022
Justin Sun, a Chinese crypto entrepreneur and Tron founder, is the main investor in Hong Kong-based investment firm About Capital Management, which recently acquired crypto exchange Huobi Global, Wu Blockchain reported on Oct. Huobi has announced its global advisory board made up of industry leaders and traditional organizations in the blockchain space, including Sun. Other members of the advisory board included Ted Chen, CEO of About Capital Management, Du Jun, Co-Founder of Huobi Global, Wang Yang, Vice President of Hong Kong University of Science and Technology, and Leah Wald, CEO of Valkyrie Investments.
Justin Sun showed a link to the exchange’s website
Another clue is that Justin Sun has shown a link to Huobi Global’s official website on his Twitter page. Wu Blockchain said About Capital is more of a “bridge” to the acquisition of Justin Sun. Because Leon Li stated that he was worried that the Chinese government would not be satisfied with this situation.
Justin Sun founded Tron in 2017. The company held an initial coin offering (ICO) for the TRN token a few days before the Chinese government banned ICOs. According to reports at the time, Sun was aware of the impending ban and pressed for the sale to happen before the ban was announced. Shortly after, he traveled from China to the United States.
Last week, the exchange revealed a change in shareholder structure after a deal was struck. He said there would be no impact on Huobi’s core operations and business management teams. Meanwhile, the crypto exchange’s native token, Huobi Token, continues to see massive momentum. Huobi Token largely depends on the exchange and its reputation. At the time of writing, HT is changing hands at $4.39, up 5 percent.
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