​Justin Sun denies rumors about selling his stake in Huobi

What’s new? TRON blockchain founder Justin Sun has denied Bloomberg’s information about finding a buyer for his stake in the Huobi crypto exchange. The entrepreneur spentmore than $1 billion to buy the platform last November. According to analyst Colin Wu, Huobi’s financial condition has deteriorated since then, and it dropped out of the top 10 platforms by daily trading volume on April 1.

Justin Sun has held talks to sell Huobi, according to Bloomberg. Justin Sun denied the news. Sun paid about 1 billionto purchase the Huobi exchange from Li Lin last year. However, the operating conditions have been poor since then, and the current 24-hour trading volume has… — Wu Blockchain (@WuBlockchain) April 1, 2023

What else is known? According to Bloomberg, Sun has held talks with potential investors about selling a stake in Huobi Global, while his involvement in running the exchange remains unknown. Sun has previously repeatedly claimed that he is only a member of the exchange’s global advisory board and denied owning a controlling stake. According to media reports, Sun bought it through Hong Kong-based About Capital Management, to which Huobi co-founder Leon Li had previously sold his stake.

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Разбираемся, что из себя представляет политика нового главы Huobi и насколько оправдан FUD вокруг этой ситуации.

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About the exchange. Huobi is a centralized exchange (CEX) founded in 2013 in Beijing. Currently based in Seychelles, it also has offices in Hong Kong, South Korea, Japan, and the United States. The platform hosts 612 cryptocurrencies and 795 trading pairs. The native Huobi Token (HT) is used to get discounts on fees, as well as additional rewards and bonuses. As of April 3, it is trading at $3,61.

On March 22, the US Securities and Exchange Commission (SEC) sued Sun, accusing him of selling and issuing unregistered securities, fraud, and market manipulation in trading TRX and BTT tokens. Sun responded by saying the lawsuit has no merit.

“We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system,” Sun wrote on Twitter.

The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system. — H.E. Justin Sun 孙宇晨 (@justinsuntron) March 23, 2023

Later, Sun also said the SEC’s case had minimal impact on Huobi. According to the businessman, the outflow of funds from the platform was observed only for one day after the lawsuit.