JAKARTA Crypto exchange platform Huobi Global was founded in China in 2013 and has opened branches in various countries in the world including Japan, South Korea, and the US. A few weeks after Huobi announced a change in its shareholder structure, rumors emerged that the founder of TRON, Justin Sun, was the owner of the crypto exchange's shadow.
Although founded in China in 2013, Huobi decided to leave China after the Xi Jinping administration banned cryptocurrency-related activities in 2021. Huobi complied with Beijing's decision.
Even so, Sun denied the allegations and stated that his role was only limited as a global adviser to Huobi. Previously, the founder of Huobi, Leon Li, reportedly planned to sell his majority stake for more than $1 billion with a company valuation of US$3 billion.
According to a recent statement, Huobi's majority shareholder, Li, reached an agreement with Hong Kong-based investment firm About Capital Management to sell all of its shares on the stock exchange. About Capital will control the majority stake in Huobi Global. Interestingly, Justin Sun is said to be the core investor in the M&A fund.
Colin Wu as the leading crypto journalist in China was the first to report the information. The move implies that Sun is the actual buyer of the stock worth $1 billion. Even so, Sun considered the claim "wrong" and confirmed that he was lined up as Huobi Global's adviser, as reported by CryptoPotato.
I am honored to be appointed as a member of Huobi Global's Global Advisory Council and working with industry leaders, academics, and policies to help guide and grow this innovative, passionate and resilient organization in the latest chapter of global expansion. It's full forward," Sun wrote in his recent Twitter post.
After the majority share purchase, Huobi formed a global advisory board consisting of five members including one of its founders, Du Jun. While the other is Wang Yang from the Hong Kong University of Science and Technology, CEO of Valkyrie Investmentntald, then founder of About Capital Ted Chen, and the latter is Justin Sun of TRON. The advisory board plans to guide the expansion of Huobi's crypto exchange to a global level.
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