Huobi Global, a Chinese cryptocurrency exchange, revealed over the weekend that it had been acquired by an investment firm. However, the deal’s true supporters may be two of the industry’s most renowned figures.
It is known that the majority owners of Huobi Global have sold their stakes to About Capital Management, a Hong Kong-based fund management company.
It has come to light that TRON inventor Justin Sun may be the true acquirer of the crypto exchange giant. Wu Blockchain, a Chinese blockchain news portal, said on October 10 that several sources confirmed that Sun was the primary investor in this M&A fund.
According to Wu, crypto millionaire and CEO of FTX, Sam Bankman-Fried, invested to support Justin Sun. An earlier denial of interest from SBF in Huobi stands.
Participant Added to Huobi Advisory Board
Sun also confirmed his membership on Huobi Global’s Global Advisory Board through Twitter on October 10. The board’s responsibility now includes steering the company’s growth and worldwide expansion strategy.
According to Wu, the takeover cost roughly a billion dollars, and Sun was present at the delivery location on October 8. Jinglin Assets, the largest private equity company in China, informed the media source that “About Capital was more of a bridge for Justin Sun’s purchase.”
It’s possible, Wu said, that this may force Binance, which has backed Justin Sun in the past, into a competitive position.
Sun was seen last month at Huobi’s booth and the company’s after-party at Singapore’s TOKEN2049 conference. In order to buy Huobi, Justin Sun and the FTX CFO regularly spoke together in Singapore, Wu said.
There has been no official confirmation or denial of what are basically rumors about his participation by either FTX or SBF.
Price Movements in TRX and HT
The price of TRX, TRON’s native currency, has hardly budged in the previous 24 hours, staying steady at $0.062. Since its all-time high of $0.231 in January 2018, TRX has been trading sideways with the rest of the cryptocurrency market.
According to CoinGecko, the price of Huobi’s native token, HT, has risen rapidly during the previous three hours, increasing by 5% to $4.30 as of this writing. Additionally, HT has been flat for the last three months and is now 89% lower than its all-time peak in May of 2021.