Cryptocurrency Exchange Huobi Has Been Sold, HT Token Jumps 30%

Rumors indicate that a Justin Sun investment fund may have bought the Huobi brokerage, a Chinese billionaire who has already invested in Poloniex.

If confirmed, the acquisition will give Sun the status of a new competitor to Binance, a company for which it has always shown public support.

Sun denies the information circulating since last Saturday (8) and indicates that he is now only an adviser to Huobi.

In any case, the market remains alert to the acquisition of a major brokerage, which has a strong global brand among cryptocurrency traders.

Huobi may have been bought by the Justin Sun fund

Justin Sun is a controversial figure, who created the currency Tron (TRX), then invested in exchange Poloniex and walked away from the cryptocurrency he helped create to support a government.

The Chinese billionaire’s novelty is that he is associated with the purchase of Huobi, which last Saturday said it sold 100% of its global platform to the About Capital fund, based in Hong Kong.

The fund has now become the controller of Huobi, which has been looking to close its Chinese operation since December 2021 and scale back its presence in Japan and South Korea.

In a note, Huobi Global announced that it will have global governance and more liquidity on its platform for its clients, without affecting its current operations.

“The transaction only relates to the change of controlling shareholder and has no impact on Huobi’s core businesses and corporate management teams. According to About Capital, following the transaction, Huobi Global will adopt a series of new international branding and business expansion initiatives, including a global strategic advisory board led by industry leaders, the injection of sufficient capital into the margin and risk provisioning fund, as well as measures to further enhance competitiveness.”

Owner Poloniex denies takeover

Asian journalist WuBlockchain has publicly said that the fund that Huobi bought is practically owned by Justin Sun, who would try to disguise his purchase so as not to warn Binance.

For Wu, who is known for his coverage in the Asian market, FTX would still have helped Justin Sun buy his new exchange. Exchange FTX is one of Binance’s main rivals in the global cryptocurrency market.

Justin Sun denies that Huobi is his, saying he is merely an advisor to the fund that bought the brokerage.

“I am honored to be appointed to the Global Advisory Board of
Huobi Global and partner with industry leaders, academics and policymakers to help guide and develop this innovative, vibrant and resilient organization in its final chapter of global expansion.”

I am honored to be appointed to the Global Advisory Board of @HuobiGlobal and work with industry, academic and policy leaders to guide and grow this innovative, vibrant and resilient organization in the latest chapter of global expansion. Full sails ahead. https://t.co/txZspJaV4Q

— HE Justin Sun🌞🇬🇩 (@justinsuntron) October 9, 2022

Regardless, regardless of the owner of the new brokerage, who also operates in Brazil, his company shows that it may have been shocked by the recent decline in cryptocurrencies.

Justin Sun announced plans to revive cryptocurrency exchange Huobi Global in a tweet on Monday (10).

“Today is my second day at Huobi. I speak on behalf of the Huobi Global Advisory Committee. We know that the key to revitalizing Huobi is strengthening HT (token), and HT can only thrive on Huobi! In the future, there will be many big moves around HT, including brand upgrade, strong capacity building and trade cooperation. We will unite all the forces that can be united so that the Huobi Global stay Good together!” – said sun.

The exchange’s native Huobi Token price jumped more than 30% as a result of the announcement. At the time of writing, the HT price is trading at $5.0.