Breaking: Justin Sun Reportedly Selling Stake In Huobi Exchange
Tron founder Justin Sun is reportedly in discussion to sell some stakes in the crypto exchange Huobi Global, Bloomberg reported on Saturday. Justin Sun purchased the crypto exchange for $1 billion last year after majority shareholder and founder Leon Li sold his entire stake in the crypto exchange to Hong Kong-based investment firm About Capital, which is led by Justin Sun.
Justin Sun Denied Selling Stake In Huobi Global
A person with direct knowledge of the matter told Bloomberg on April 1 that Justin Sun has held discussions with potential investors about selling a stake in Huobi Global.
Justin Sun, a member of the Global Advisory Board of Huobi Global, has reached out to investors for selling some stakes in the crypto exchange. While Justin Sun claims he doesn’t own any stake in Huobi, he used nearly $200 million of his money to help support the exchange since January.
Meanwhile, Justin Sun has denied that he was in any discussion about selling a stake in Huobi Global, saying the report as an April Fool’s Day prank. Furthermore, he revealed that the company has no plans to seek a new owner and is committed to providing safe trading and investing in cryptocurrency.
“We are not seeking and will not seek any buyers for Huobi.”
As much as I love a good April Fool's Day prank, I must deny the report that @HuobiGlobal is seeking a stake buyer. Rest assured, Huobi is committed to providing our users with a safe, reliable, and innovative platform for trading and investing in cryptocurrency. ❤️
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 1, 2023
Trading volume on Huobi continues to decline despite the purchase by Justin Sun. In the last 24 hours, the crypto exchange is out of the top ten in terms of the trading volume.
On March 22, the US Securities and Exchange Commission (SEC) filed a lawsuit against Justin Sun for allegedly violating securities rules. He is also accused of breaking anti-fraud and market manipulation regulations. However, he argues the lawsuit “lacks merit” and will continue building a decentralized financial system. He also slammed the SEC for not bringing clear regulatory rules and transparent guidelines.
This week, Huobi announces a strategic partnership with Gala Games for Web3 and Layer-1 development, committing to the Web3 ecosystem.
Huobi Token (HT) currently trades at $3.66. The HT price continues to trade sideways for a week and lacks any significant movement despite a broader market recovery.
Also Read: Ethereum Scaling Solution zkSync Era Mainnet Malfunctioned, Resumes Block Production After 4Hrs
- Fed’s Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
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.
