Tron founder Justin Sun is reportedly in discussion to sell some stakes in the crypto exchange Huobi Global, Bloomberg reported on Saturday. Justin Sun purchased the crypto exchange for $1 billion last year after majority shareholder and founder Leon Li sold his entire stake in the crypto exchange to Hong Kong-based investment firm About Capital, which is led by Justin Sun.
Justin Sun Selling Stake In Huobi Global
A person with direct knowledge of the matter told Bloomberg on April 1 that Justin Sun has held discussions with potential investors about selling a stake in Huobi Global.
Justin Sun, a member of the Global Advisory Board of Huobi Global, has reached out to investors for selling some stakes in the crypto exchange. While Justin Sun claims he doesn’t own any stake in Huobi, he used nearly $200 million of his money to help support the exchange since January.
Meanwhile, Justin Sun has denied that he was in any discussion about selling a stake in Huobi Global. Furthermore, a spokesperson revealed that the company has no plans to seek a new owner.
“We are not seeking and will not seek any buyers for Huobi.”
Trading volume on Huobi continues to decline despite the purchase by Justin Sun. In the last 24 hours, the crypto exchange is out of the top ten in terms of the trading volume.
On March 22, the US Securities and Exchange Commission (SEC) filed a lawsuit against Justin Sun for allegedly violating securities rules. He is also accused of breaking anti-fraud and market manipulation regulations.
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