TRON founder speaks about owning millions of Huobi tokens

Justin Sun started buying HT back in 2013

14.10.2022 - 10:20

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2 min

What’s new? The founder of the TRON blockchain Justin Sun said that he owns “tens of millions” of native tokens of the Huobi crypto exchange. He called himself one of the largest holders of the asset in the world. Speaking to Bloomberg, Sun reminded that he is a member of the platform’s global advisory board, so he plans to try to boost the Huobi Token (HT).

Bloomberg’s material

What else did Sun say? The TRON founder revealed that he started buying HT back in 2013. He will also focus on bringing Huobi to the global market. He plans to bring the crypto exchange back to China if legislation allows it. In September 2021, Huobi’s revenues dropped significantly due to the blocking of users from China as required by the local government.

Sun said that his team has looked into the assets of the bankrupt crypto lender Celsius Network, but has not yet decided whether it will participate in the auction.

What is known about HT? The asset is used to receive fee discounts, as well as additional rewards and bonuses. As of October 14, 10:00 UTC, HT is trading at $7,52, having gained 5,8% in 24 hours, according to aggregator CoinGecko. It has a market capitalization of $979 million. Between October 10 and October 13, the token rose by 83,6% to a four-month high. This came after Justin Sun called the asset “the key to revitalizing” the exchange.

On October 8, Huobi co-founder Leon Li sold his controlling stake to Hong Kong-based investment firm About Capital Management and withdrew from participation in the activities of the exchange. Analyst Colin Wu later called Justin Sun the ultimate beneficiary of the deal, adding that it was partially financed by the head of the FTX crypto exchange Sam Bankman-Fried. Both denied these claims. Sun added that he only serves on the exchange’s global advisory board.

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