Justin Sun Reveals Sizable ‘Tens of Millions’ Huobi Tokens Stake Following Advisory Role Appointment

UTC by Tolu Ajiboye · 3 min read
Justin Sun Reveals Sizable ‘Tens of Millions’ Huobi Tokens Stake Following Advisory Role Appointment
Photo: Justin Sun / Instagram

Justin Sun stated that he will add to his haul of Huobi tokens, as he also seeks to improve its linked exchange’s fortunes.

TRON founder Justin Sun recently revealed that he owns “tens of millions” of Huobi Tokens. The crypto entrepreneur added that he plans to grow his Huobi Token holdings now that he is an adviser to the Seychelles-based crypto exchange. Sun, who is already one of the largest Huobi Token holders, says he further envisions himself ranked higher globally. The TRON founder revealed that he first began accumulating the Huobi exchange-linked tokens back in 2013.

Sun’s role at Huobi is limited to the aforementioned advisory capacity. This puts to bed previous speculation that the TRON founder was buying out the leading digital currency platform.

Huobi Tokens Rally 80% Since Justin Sun Advisory Role Appointment

Since Justin Sun became an adviser for the Huobi crypto exchange, the value of its tokens has rallied 80% within the past week. For instance, the Huobi token rose to a four-month high of $7.60 early Thursday. This development sees it become the best-performing crypto asset above the billion-dollar market cap in the last seven days. Furthermore, the Huobi token has decoupled from the broader market, seemingly due to optimistic sentiments integral to the exchange’s revitalization plans.

Upon confirmation of his advisory role, Sun suggested that he would focus on increasing the Huobi exchange’s visibility on a global scale. In a translated tweet from a few days ago, which was translated to English, he explained:

“Today is my second day in Huobi. I am speaking on behalf of the Huobi Global Advisory Committee. We know that the key to revitalizing Huobi is to empower HT, and HT can only thrive on Huobi! In the future, there will be many big moves around HT, including brand upgrade, heavy empowerment, and business cooperation. We will unite all the forces that can be united to make @HuobiGlobal well together!”

In addition, the Chinese crypto entrepreneur also said he is also open to taking Huobi back to his homeland if regulations allow. Also drawing parallels between the respective pivotal roles of the Huobi token and Binance’s BNB coin, Sun said:

“The success of BNB really benefits the Binance platform. So, I think in terms of operations, we need to focus on HT.”

“Full sail ahead,” were the TRON founder’s words on his level of commitment to enhancing Huobi.

In related news, Sun revealed that his team evaluated the assets of bankrupt crypto lender Celsius Network, but has not decided whether to bid.

Huobi

Huobi, founded in 2013, is among the top 10 crypto exchanges across the globe. As of October 14th, the leading crypto exchange has generated about $879.5 million in volume in the last 24 hours. However, Huobi has also weathered previous patches of constraints and challenges. Last year, the exchange faced headwinds from the blanket ban imposed upon crypto assets by the Chinese government. The effect of that unsavory macroeconomic situation saw Huobi contemplate downsizing its staff by 30% early this year to offset the revenue loss.

Altcoin News, Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

WhaleMaker
Related Articles
WhaleMaker