Justin Sun Admits Advisory Role in Huobi But Rules Out Purchasing It

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Key Takeaways:

  • Justin Sun of Tron has recently come forward to say that he did not buy the exchange’s controlling interest and is only a board advisor for Huobi.
  • He referred to the initial report as “wrong” while doing so.

Huobi announced on Saturday that its founder Leon Li has signed a contract selling his whole investment in the exchange to About Capital.

Huobi stated that the transaction just changed the controlling shareholder and had no effect on the company’s fundamental operations or management teams.

According to recent reports, Justin Sun, the founder of TRON, may actually be the genuine buyer of the massive cryptocurrency exchange. Sun is said to be the main investor in this fund for mergers and acquisitions, according to “several sources,” as per Chinese blockchain news portal Wu Blockchain on October 10.

The action suggested that Sun was the true buyer of the share, which is said to be worth $1 billion, as first revealed by eminent Chinese crypto journalist Colin Wu. The contentious executive, though, asserted that the claim is “false.”

Sun tweeted the same confirmation.

I am very honored to be appointed as a member of the Global Advisory Board of Huobi Global and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead.

The native asset of the Huobi digital asset exchange, the Huobi Token, saw a price increase of almost 24% in the wake of the news, reaching a five-week high of $5.17.

Sam Bankman-Fried, the CEO of FTX and a crypto billionaire, is rumored to have “invested to support Justin Sun,” according to Wu. SBF, meanwhile, has in the past denied having any interest in Huobi.

He simply noted in his most recent tweet, “still not involved,” that he was not involved in any way.

Huobi intends to put into action a number of new worldwide brand promotion and commercial expansion strategies after the deal. The creation of the global strategic advisory board was one of these things.

The cryptocurrency exchange will continue to “inject sufficient funds in margin and risk provision funds” in the future. A major area of emphasis will also be on strategies to increase competitiveness.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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