The CEO Of BitTorrent Confirms Advisory Role In Huobi Exchange But Denies Buying It

Twitter icon  •  Published 1年前  •  Nikolas Sargeant

The CEO of BitTorrent Justin Sun has taken up an advisory role in Huobi Global Exchange but denies buying it out

Just a week ago, we saw Huobi Global announce a change in shareholder structure. Now we see Tron founder and CEO of BitTorrent, Justin Sun, and we hear that he has taken up a role as a shadow owner of the crypto exchange. 

Despite clearly taking a role in the company, he has refuted claims about a possible buyout. To be clear, Sun’s position has been limited to that of a global advisor. The latest news follows reports of Huobi founder Leon Li looking to sell his majority stake for over $1 billion, valuing the exchange at $3 billion. 

Huobi Takeover Saga

The most recent statement released by Huobi Global shows that the majority stakeholder Leon Li has agreed with Hong Kong-based investment firm About Capital Management to sell his entire $1 billion stake in the crypto trading platform. 

The buyout process will see About Capital control the majority stake in Huobi Global. This an exciting turn of events, given that Justin Sun is said to be the core investor of the merger and acquisitions fund. 

The details of the buyout were first reported by leading Chinese crypto journalist Colin Wu, stating that Sun was the actual buyer of the stake. However, Sun tweeted in response to the implications of Wu’s article to claim that he is “wrong.” 

He went on to discuss his new role, stating, “I am very honored to be appointed as a member of the Global Advisory Board of Huobi Global 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.” Huobi has disclosed the details of the new role with the Tron founder. 

What Else Has Been Said About The Deal?

Shortly after purchasing a majority stake, Huobi formed a five-member global advisory board made up of the company’s co-founder Du Jun, Wang Yang, as well as vice president of the Hong Kong University of Science and Technology; Valkyrie Investment CEO Leah Wald, About Capital founder Ted Chen, and Tron’s Justin Sun.

FTX’s founder Sam Bankman-Fried is said to have bought a stake in the exchange alongside Sun. Given Bankman-Fried’s activity in the crypto space, this is hardly surprising. He also refuted any involvement, saying in a recent tweet, “still not involved.”

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.