Just a week after Huobi Global revealed a change in shareholder structure, Tron founder Justin Sun emerged as the platform's shadow owner.
Justin refuted the allegations about the acquisition.
He explained that his role was limited to being the company's global advisor.
This development comes on the heels of reports of Huobi founder Leon Li, who is looking to sell his majority stake for more than $1 billion, and the platform is valued at $3 billion.
Justin Sun and Huobi:
According to the latest statement, Huobi's major shareholder has reached an agreement with Hong Kong-based About Capital Management to sell its entire stake in the company.
About Capital will control the majority stake in Huobi Global.
Interestingly, Justin Sun was said to be the lead investor in the M&A fund About Capital.
The move was first reported by Colin Wu, a prominent Chinese crypto journalist, who stated that the move indicated that Justin was the real buyer of the stake, which is said to be $1 billion.
On the other hand, the controversial Toon CEO said that this claim is false.
To confirm this, he tweeted:
I am very honored to be appointed as a member of the HUOBI GLOBAL Global Advisory Board and to work with industry leaders, academics and politicians to help guide and grow this innovative, vibrant and resilient organization in its final chapter of global expansion.
The Tron founder has not yet denied his role in the About Capital fund.
After purchasing the majority stake, Huobi formed a five-member global advisory board consisting of co-founder Doo Jun, Wang Yang, vice president of Hong Kong University of Science and Technology and CEO of Valkyrie Investment, founder of Capital Ted Chen, and founder of Tron.
The board of directors is tasked with directing the global expansion of the platform.
Meanwhile, rumors also surfaced that the FTX founder had bought a stake in Huobi along with Justin Sun.
Huobi Roadmap:
After the deal, Huobi plans to implement a series of new international brand promotion and business expansion initiatives.
This included the formation of a global strategic advisory board.
From now on, the cryptocurrency trading platform will double the injection of sufficient capital into the margin and risk saving fund.
For your information, Huobi Global was founded in 2013.
The company led the crypto boom in China before regulators declared all crypto transactions illegal in 2021, and to comply with Beijing, Huobi exited the Chinese domestic market.
