Justin Sun, the founder of Tron network and a prominent figure in the crypto industry, is reportedly discussing selling a stake in the popular crypto exchange Huobi Global. A source familiar with the matter revealed to Bloomberg that Sun is engaged in talks regarding the potential sale of his stake in the exchange.
As the talks between Justin Sun and potential investors regarding a stake sale in Huobi Global continue, details about the deal remain scarce. Further, Bloomberg reports that Sun has been meeting with interested parties to assess their level of interest in the popular crypto exchange. However, the size of the stake to be sold and its valuation are yet to be disclosed.
Despite the considerable interest in the potential sale of a stake in Huobi Global, the deal remains in its early stages, according to a source familiar with the matter. Bloomberg reports that Justin Sun is still in discussions with potential investors, and whether any of these parties will proceed with the acquisition is unclear.
Justin Sun debunks Bloomberg’s Huobi rumors, a prank
Following the publication of Bloomberg’s report on the potential sale of a stake in Huobi Global, Justin Sun took to Twitter to dismiss the news as an April Fool’s Day prank. The Tron founder and prominent crypto figure did not provide any further details or clarification on his tweet, leaving many in the industry uncertain about the veracity of the Bloomberg report.
As much as I love a good April Fool's Day prank, I must deny the report that @HuobiGlobal is seeking a stake buyer. Rest assured, Huobi is committed to providing our users with a safe, reliable, and innovative platform for trading and investing in cryptocurrency. ❤️
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 1, 2023
Similarly, Justin Sun’s involvement with Huobi Global has been a subject of complexity and speculation within the cryptocurrency industry. Despite being an early investor in the exchange and actively contributing to its development, Sun has consistently denied owning any stake in Huobi, instead referring to himself only as an “adviser” to the company.
About Capital Acquires 60% of Huobi Global
It is widely known that last year, Huobi Global’s co-founder Leon Li sold his controlling stake of 60% in exchange for $1 billion to About Capital, an investment firm based in Hong Kong. Notably, About Capital’s core investor is Justin Sun, the founder of the Tron network and a prominent figure in the crypto industry.
In addition to his complex relationship with Huobi Global, Justin Sun reportedly played a significant financial role in the company’s survival. According to sources, Sun has used approximately $200 million of his funds to support the exchange since the start of the year. In relation to his financial contributions, Sun is also known to work at Huobi’s headquarters in Singapore and has represented the company in various media interviews.
