Crypto exchange Huobi has been acquired by Tron Protocol founder Justin Sun, who has now been named a global advisor to Huobi, WuBlockchain reported.
While the acquisition was made by Hong Kong-based asset management company About Capital Management’s mergers and acquisitions fund, Sun was reportedly the core investor.
However, the cryptocurrency entrepreneur has denied his involvement in the fund in a response to WuBlockchain.
The shares that were involved in the acquisition belonged to Huobi co-founder Leon Li, the total of which represented a 60% stake in the crypto exchange. The report noted that Li was concerned about possible dissatisfaction from the Chinese government, which led to the acquisition being done through About Capital.
Joining Sun as advisors to Huobi are About Capital founder Yihua Chen, Huobi co-founder Jun Du, Hong Kong University of Science and Technology’s vice president for institutional advancement Yang Wang, and Valkyrie CEO Leah Wald.
Li has reportedly been in talks to sell his stake in Huobi since August, with rumors initially pointing to competitor FTX as the buyer. However, this was denied by FTX founder and CEO Sam Bankman-Fried.
Editing by Miguel Cordon and Jaclyn Tiu
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