Huobi Global, a market leader in the cryptocurrency sector, is said to have been purchased by Justin Sun, a crypto expert and the creator of prominent crypto exchange Tron. According to Blockchain, a Chinese cryptocurrency-focused Twitter account, the CEO, PR director, and a number of senior executives have voluntarily left Huobi.
After serving as an advisor for one month, Justin Sun fully assumed control of the Huobi Global company. In line with a tweet from WuBlockchain:
“Former Huobi CEO, Zhu Hua, and former Huobi PR/GR head, Chen Dai, have officially parted ways with the company. Then on November 4, former Huobi CFO, Zhang Li, resigned. Justin Sun has fully taken over the Huobi organization.”
Events that Led to Sun's Takeover of Huobi
Huobi Global announced in October of last year that Justin Sun, along with several other well-known figures from the cryptocurrency and blockchain sector, would join its team as an advisor on the global strategic advisory board. Justin Sun was able to direct the company's global expansion and cash infusion to increase competitiveness thanks to the agreement. But now Justin has taken over the business. The price of Huobi Token (HT) rose by nearly 80% a week after Justin joined Huobi.
Justin tweeted about his new role as a special advisor:
Tron CEO Disputes Claims that Huobi was Purchased
Huobi stated that its founder Leon Li has sold his whole controlling ownership to Hong Kong-based About Capital Management one month after Justin joined the company. The Huobi Token (HT) Price rose over 5% as a result of the announcement, reaching a high of $4.50. Along with the ownership shift came a large increase in trading volume. According to some rumors, Justin Sun is the actual purchaser of Huobi because he is a significant investor in About Capital. Justin Sun, meanwhile, has continued to refute any claims that he purchased Huobi.
Sam Bankman-Fried, the founder of FTX, is rumored to have purchased a share in Huobi with Sun. The executive, though, denied involvement in his most recent tweet, which simply read: "Still not involved."