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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.
