The ownership of Huobi exchange remains shrouded in mystery after its acquisition by About Capital Management (ACM) in October 2022. Despite claims by Justin Sun, the founder of TRON and Poloniex, that he is only an investor and not the controlling owner, evidence suggests a deeper involvement. The lack of transparency raises questions about the true identity of Huobi’s owner and the future direction of the exchange.
About Capital Management, an obscure Hong Kong-based investment firm, made headlines when it announced the acquisition of Huobi just before the collapse of FTX, another crypto exchange. Speculation quickly arose that ACM was merely a front for Justin Sun’s agency. Sun’s previous association with Huobi, including his appointment to the Huobi Global Advisory Board, fueled suspicions of his deeper involvement.
Despite mounting evidence, Justin Sun has consistently denied being the controlling owner of Huobi. Instead, he maintains that he is an investor who assists in the operation of the exchange. The refusal to disclose the true owners and their intentions only deepens the uncertainty surrounding Huobi’s future.
Investigative efforts by Protos, a media outlet, to uncover the ownership structure of Huobi have been met with dead ends. Hong Kong corporate documents related to Huobi and Justin Sun-associated entities fail to reveal any information about the controlling interests. The lack of transparency leaves industry observers and investors guessing about who truly owns the cryptocurrency exchange.
In May, Protos reached out to ACM seeking clarity on the acquisition of Huobi. The media outlet was met with a firm response stating that ACM was “no longer involved with Huobi in any way.” Unfortunately, no further details were provided, leaving the public with more questions than answers. The timing aligns with the appointment of new directors in related companies, suggesting that ACM may have distanced itself from Huobi.
Notable developments surrounding Huobi include the appointment of Wang Shuchi as a director of HBIT, the company representing Huobi under its FINCEN registration. Wang Shuchi’s online presence is limited to being the director of various shell companies and the owner of Huobi Digital Limited. Furthermore, Li Qi was appointed as a director of “New Huo Technology Holdings Limited” in March this year. These personnel changes raise speculation about the shifting dynamics and ownership structure within Huobi.
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