By
Mayowa Adebajo
April 19th, 2024
Amidst the growing concerns about stability in the digital currency ecosystem, the suitability of Justin Sun as the perfect owner for Huobi Global cannot be disputed. But he hasn’t confirmed this info.
Huobi Global, the Seychelles-based cryptocurrency trading platform has been making headlines for the past few days per its acquisition by About Capital Management. In a new exclusive report, independent blockchain journalist, Wu Blockchain disclosed that Justin Sun, the founder of the Tron blockchain network might actually be the major investor acquiring the trading behemoth.
However, he denies this information.
According to Wu Blockchain, Justin Sun was at the delivery site of the agreement in Singapore on Oct 8, and the projected price of the sale was pegged at about $1 billion.
Leon Li, the co-founder, and Chairman of the Huobi brand had earlier revealed his plans to sell as much as 60% of his stake in the company for $3 billion. As reported at the time, Justin Sun and FTX Derivatives Exchange are among the investors billed to acquire the trading platform at the time.
On different occasions, FTX’s Sam Bankman-Fried has come out to debunk the news that the exchange was planning a Huobi takeover, with Justin Sun also maintaining the same stance. The Wu Blockchain report shows that the reverse is indeed the case and that Justin Sun is even getting support from Bankman-Fried as it concerns the acquisition.
In a bid to cover up the exact involvement of Sun in the Huobi acquisition, the veteran crypto personality said he is now a global advisor for the exchange. Besides Sun, a number of other experts were also listed as global advisors to the exchange and these include Chen Yihua, founder of About Capital, Du Jun, Justin Sun, Vice President of Hong Kong University of Science and Technology Wang Yang, and Valkyrie’s Leah Wald.
Despite the sales agreement with About Capital, there are still some to-do lists reserved for Leon Li including the liquidation of Chinese users’ assets amongst others.
Is Justin Sun the Perfect Hand for Huobi Global?
Amidst the growing concerns about stability in the digital currency ecosystem, the suitability of Justin Sun as the perfect owner for Huobi Global cannot be disputed.
As a graduate of Peking University in 2015, Sun has gone ahead to make a name for himself in the blockchain world by establishing the Tron protocol in 2017. Today, Tron is one of the dominant layer 1 blockchain protocols with $5.957 billion in market capitalization. Should the report of his acquisition of Huobi Global be true, then this will not be Sun’s first venture into the exchange world.
Back in 2019, Sun acquired the Poloniex exchange and has been able to help maintain the steady growth of the exchange to date. Sun has maintained a very robust identity since he ventured into the blockchain world and today, he is the Grenada Ambassador to the World Trade Organization (WTO).
While it is not yet clear how his investment in Huobi will help with the secrecy that is being peddled around the deal, one thing is sure though, being the owner of Huobi will pitch him as a major competitor to Binance which has always supported his moves.