Loading...

Tron founder  dismisses rumors that Huobi is trying to raise funds from stake buyers

TL;DR

  • According to the latest Bloomberg article, Justin Sun, the “adviser” at Huobi Global exchange, has been negotiating the sale of a stake in Huobi to raise funds.
  • The Tron founder recently tweeted that while he enjoys April Fool’s jokes, the rumors that Huobi is looking to sell a stake are untrue.

According to the latest Bloomberg article, Tron founder, Justin Sun, the “adviser” at Huobi Global exchange, has been negotiating the sale of a stake in Huobi to raise funds. Sun purchased the top cryptocurrency trading platform in the fall of last year. 

Bloomberg obtained the details from a person who asked to remain unnamed. They claim that Huobi’s purported asking price is unclear, and they were unable to identify any specific potential buyers for the crypto giant. According to the Bloomberg story, Sun has used up to $200 million of his own money to promote the exchange this year, despite his claim that he doesn’t hold any Huobi stock.

He spent an astounding $1 billion in November of last year to purchase a majority stake in Huobi, but he now claims not to own it, casting some doubt on his relationship with Huobi Global.

Given that it was established in China almost ten years ago, this cryptocurrency exchange is among the oldest on the market. Huobi’s market share decreased from 22% to 4% in 2020. In September 2021, a ban on cryptocurrency trading was put into effect, and Huobi relocated its operations from China to Singapore.

Tron founder Justin Sun’s response

Justin Sun recently tweeted that while he enjoys April Fool’s jokes, the rumors that Huobi is looking to sell a stake are untrue. He gave Huobi traders his word that the platform would keep offering stable and secure operating circumstances.

The founder of Tron announced on Twitter on Friday that his tenure as Grenada’s ambassador to the World Trade Organization has come to an end. Sun informed the Tron community of his objectives for the near future. He stated that he will continue working for the government after handing off his responsibilities to a replacement, but he will concentrate on crypto regulation and the digital economy because he thinks these two areas are essential to “the future of trade and development.” 

Sun is being sued by the U.S. SEC for allegedly selling investors billions of unregistered securities in the form of TRX and BTT tokens via BitTorrent and the Tron Foundation, as well as for establishing a secondary market where those securities could be purchased and sold.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Ripple
Cryptopolitan
Subscribe to CryptoPolitan