Justin Sun denies rumors of Huobi Global stake sale, calls it April Fool’s Day prank

In a recent report, Bloomberg has stated that Justin Sun, the founder of TRON, has been holding talks about selling his stake in Huobi Global, a popular cryptocurrency exchange platform. Although the details of the talks are not yet known, an anonymous source has revealed that Sun has been searching for potential investors over the past few weeks.

It is still unclear what Sun’s target valuation for the company is and how much stake he is willing to sell. However, most discussions are still in their early stages. Interestingly, Justin Sun has denied this news on Twitter, stating that Huobi Global is not seeking a stake buyer, “As much as I love a good April Fool’s Day prank, I must deny the report that Huobi Global is seeking a stake buyer. Rest assured, Huobi is committed to providing our users with a safe, reliable, and innovative platform for trading and investing in cryptocurrency.”

This news comes after Huobi Global announced in October 2022 that it had transferred all its shares to About Capital Management, a private equity fund. Sun’s true role at Huobi is still a mystery, as he claimed to be only a global advisor to the company and not a shareholder. However, on November 12, 2022, Sun surprised everyone by promising to “love Huobi like my own child” and spending over $1 billion to acquire the exchange through About Capital.

Despite Sun denying that he owns a significant stake in Huobi, he has been using his personal assets to support the exchange’s operations since January. On March 10, Sun established a $100 million liquidity fund to improve the liquidity of the Huobi exchange and HT token. Additionally, he has promised to revive Huobi to provide greater benefits to HT holders.

Huobi was founded in China in 2013 and has seen a decline in market share from nearly 22% in the previous year to just 4% last year, according to data from Kaiko. The ban on cryptocurrency trading in China has made it even more difficult for Huobi to operate, causing the exchange to shift most of its operations to Singapore and Hong Kong after the ban in September 2021.

Overall, Justin Sun’s potential sale of his stake in Huobi Global, if true, could have significant implications for the cryptocurrency industry. With Sun’s significant influence in the industry, it will be interesting to see how this story develops in the coming weeks and months.

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