Breaking: Here’s How Huobi Shadow Owner Is Justin Sun After Recent Sale?
Although crypto exchange Huobi announced last week that the controlling stake changed hands, it appears there is more to it. On Saturday, Huobi Global said its founder Leon Li sold his entire controlling stake to Hong Kong-based About Capital Management. However, crypto entrepreneurs in Sam Bankman-Fried and Tron founder Justin Sun were vying for stake in the crypto exchange. Earlier this year in August, the two were reported to be in the forefront to acquire a 60% stake in the Seychelles based crypto exchange.
Justin Sun Is Now A Shadow Owner Of Huobi?
Interestingly, Huobi Global included the purported shadow owner Justin Sun in its initial list of Huobi Global advisors. On Monday, the exchange announced its global advisory board composed of industry leaders across blockchain and traditional organizations. Meanwhile, crypto reporter Wu Blockchain claimed Justin Sun is the real buyer of Huobi. He cited multiple sources in finding that the Tron founder is at the centerstage of the fund that bought Huobi.
The report claimed that Sun is the core investor in About Capital Management. It added that Justin Sun was in fact in presence in Singapore which was the delivery site. On August 12, Bloomberg reported that Sun was among those who are interested in buying the crypto exchange. However, Justin Sun responded saying it was not true. “We have not engaged any matters related to the Bloomberg story at this moment,” he said in a tweet.
The Transition
Last week, the exchange revealed there was a change in shareholder structure after a deal was struck. It said there would not be any impact on Huobi’s core operations and business management teams. Meanwhile, the Huobi Token, the native token of the crypto exchange, continues to see huge traction. In this context, it is important to note that Huobi Token is largely reliant on the exchange and its reputation to an extent.
There was surge in daily trading volume by around 52% in last 24 hours. Also, the Huobi Token price rose 10.25% compared to last week’s levels. As of writing, HT price stands at $4.41, up 5.79% in the last 24 hours, according to price tracking platform CoinMarketCap.
- Just In: DeFi Dev Corp Launches Japan’s First Solana Treasury Company, SOL Price Reacts
- Pi Network Mainnet to Get Major Upgrade in Q4, Says Expert
- Bitwise Solana ETF to Launch This Week as It Amends Staking, Fees? Bloomberg Weighs In
- Canary Capital Trump Coin ETF Secures DTCC Listing as Expert Predicts Price Breakout
- Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
