TRON founder Justin Sun might have bought the cryptocurrency exchange Huobi for $1bn — reports

The beneficiary of About Capital Management fund, which acquired a controlling stake in cryptocurrency exchange Huobi, might be the founder of Tron Foundation, Justin Sun. According to Wublock, the price of the deal was about $1B. Here is what is known about the takeover.

What is known

The founder of Tron denied participating in the deal. On October 10, the businessman pnly stated on Twitter that he became a global adviser to Huobi. Justin Sun also later added information to his profile that he was affiliated with the exchange.

I am very honored to be appointed as a member of the Global Advisory Board of @HuobiGlobal and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead. https://t.co/txZspJaV4Q

— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) October 9, 2022

It is also reported that About Capital Management was involved in the deal because Huobi founder Li Lin feared that the Chinese government would be dissatisfied with the move, which in turn would affect his safety. According to Wublock, Justin Sun has already made a welcoming speech to the exchange staff, in which he stated that the overall work would revolve around the HT token, but Huobi would not return to the Chinese market. 

Huobi has tens of millions of Chinese users and was once Binance’s biggest competitor. Huobi announced the sale to About Capital with a red background in Hong Kong, but the core investor behind it is Justin Sun. 

SBF previously said it would not buy Huobi, but rumor has it that FTX invested to help Justin Sun make the deal. 

Buidlbee sent a request for comment to Huobi, but at the time of writing, we haven’t received an answer.