According to reports, Sun is the leading investor in About Capital Management. The reports further added that Justin Sun was there in Singapore, which was the delivery location.
Has changed hands, however, it appears that there is more to it.
Huobi Global said on Saturday (Oct 8) that its founder, Leon Li, has sold his entire controlling share to Hong Kong-based About Capital Management.
According to reports, Crypto entrepreneurs Sam Bankman-Fried and Tron founder Justin Sun were battling for a share in the crypto exchange. Earlier this year, in August, the two were believed to be in talks to acquire a 60% stake in the Seychelles-based cryptocurrency exchange.
Is Justin Sun Now a Huobi Shadow Owner?
Interestingly, Huobi Global featured purported shadow owner Justin Sun on its initial list of Huobi Global advisers. On Monday, the exchange announced the formation of a worldwide advisory board comprised of blockchain and traditional industry leaders. Meanwhile, crypto reporter Wu Blockchain claims Justin Sun is the actual buyer of Huobi. He cited various sources in discovering that the Tron founder is at the forefront of the fund that purchased Huobi.
According to the report, Sun is the leading investor in About Capital Management. It added that Justin Sun was there in Singapore, which was the delivery location. Sources reported on August 12 that Sun is among those interested in purchasing the cryptocurrency exchange. On the other hand, Justin Sun answered that it was not true. “We are not currently involved in any things relating to the source's report,” he stated in a tweet.
The Acquisition Story
After the deal was completed, the exchange reported a change in ownership structure last week. It said that there would be no effect on Huobi's core operations or business management personnel. Meanwhile, the Huobi Token, the crypto exchange's native token, continues to gain popularity. In this context, it is vital to remember that Huobi Token is heavily reliant on the exchange and, to some extent, its reputation.
The daily trading volume increased by roughly 52% in the past 24 hours. In addition, the Huobi Token price increased by 10.25% compared to last week’s levels. According to CoinGabbar statistics, the current price of HT is trading at $4.39, up 6.79% in the last 24 hours.
Read also: Brazil Records the Most Institutions Declaring Cryptocurrency Holdings
