Huobi founder sells 100 % of the shares to Justin Sun Fund: Report

Huobi founder sells 100 % of the shares to Justin Sun Fund: Report

The majority shareholder of Huobi Global, Leon Li, has agreed to sell its entire share of the crypto exchange to Hong Kong's investment company ABOUT Capital, which is allegedly led by Tron founder Justin Sun.

The Buyout Arm of About Capital will control the proportion of LI after completion of the transaction, the company said in A with Saying on Saturday. Li will no longer be involved in Huobi's operations. The conditions of the deal were not announced.

HUOBI is one of the world's largest crypto trading platforms with analysis unit Messari place after total volume after the last 24 hours of almost 111 million US dollar processed were.

The journalist Colin Wu reported on Monday that tron founder Justin Sun is the core investor from About Capital is, which means that he is the real buyer of participation (which the report defines $ 1 billion).

The Rented The crypto entrepreneur said that he did not take part. Nevertheless, he now officially belongs to Huobis Global consultant together with Leah Wald, CEO from Valkyrie Investment, and ted chen Founder of About Capital. Sun has even updated his Twitter biography to reflect his new Huobi title.

In addition to the fund manager About Capital based in Hong Kong, Chen also founded the Chinese Hedge fund giant Greenwood's asset management.

Sun is said to have been present at the recent Token2049 conference in Singapore at the Huobi venue.

Huobi Global has its headquarters on the Seychelles, according to the company Korean website . But its regional subsidiaries seem to have bases at different locations, with Singapore serving as the Asian headquarters of the company.

Huobi says that it is looking for a new basis in Europe Spot trade transactions to a subsidiary registered in Gibraltar last November. A Huobi spokesman was not immediately available to comment on the matter.

In any case, Huobi says that the deal has no impact on the core business and the business management team, but that it will now take on international brand funding and business expansion projects. This includes the appointment of the new global strategic advisory board, in which Sun is now.

This is not Sun's first trip to the crypto exchange. As part of another investment group, Sun was previously Crypto tours PolonieX in 2019 by StableCoin emittent Circle. He initially rejected the takeover.

The company Leave its key market China begins in September 2021 after Beijings Krypto-Verbot. Due to the subsequent decline in sales, Huobi was forced to start this year with the reduction of 30 % of his workforce, WU, reported .

Since then, it has advanced the expansion to other markets, including Brazil and Turkey, but competitors such as Binance, FTX and OKCOIN are based on higher " Trust Score “Rankings on Coingecko.

li, the founder and CEO of Huobi Global, has been in discussions with investors for some time to sell his majority stake on the stock exchange. Bloomberg reported in August that he wanted to sell only 60 % of his share and that he would strive for between $ 2 and $ 3 billion.

FTX founder Sam Bankman-Fried and Sun reports were reportedly among the potential investors who spoke to Li about the sales sale. But Bankman-Fried denied the rumors and said that FTX does not plan to acquire the stock exchange.

Sun did not answer the request from Blockworks for comment until the editorial deadline.

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