A few days ago, reports showed that About Capital was going to take over Huobi Global from its founder, Leon Li. However, new reports linked the FTX CEO, Justin Sun, and the FTX CEO, Sam Bankman-Fried, with the acquisition.
Justin Sun Might Be The Real Buyer Of Huobi Global
According to initial reports, About Capital, an investment firm, was to acquire Huobi Global with $1 billion. However, a new account rumored that two giant technology firms, FTX and TRON CEOs are behind the deal.
The deal was completed between Leon Li, the founder, and majority shareholders at Huobi and About Capital Fund management firm on October 10. Furthermore, the new report revealed that the actual buyer of the troubled Huobi Global exchange was Justin Sun, TRON CEO.
According to Wu, a Chinese crypto news firm, Sun invested mainly in the funds used in acquiring the exchange. In addition, Wu also stated that Sam Bankman-Fried, FTX founder, invested in the acquisition funds. Howbeit, Sam Bankman-Fried had initially claimed he had no intention of buying Huobi Global.
Sun Is Now A Member Of Huobi’s Advisory Board
Earlier today, Justin Sun tweeted a statement on his official Twitter handle. In the report, he claimed to be one of the new Advisory Board members of the Chinese exchange, Huobi.
And according to reports, the board is responsible for making all strategic decisions the firm needs to develop and accomplish its global expansion mission. Sun added that he was delighted to be part of those who would be calling the shots to help the troubled firm.
Additionally, Wu revealed that the TRON CEO attended the delivery event of Huobi’s merger and acquisition deal. Furthermore, Jinglin Assets, a Chinese private stock company, commented that Sun merely used About Capital to acquire Huobi Global indirectly.
Wu added in its reports that the new development may put Binance in a rival state as it recently rooted for Justin Sun. The reports also stated that Justin Sun and Sam Bankman-Fried were spotted together at the recent TOKEN2049 convention.
In addition, they reportedly discussed how to acquire the Chinese exchange on several occasions jointly. At the time of press, neither Sun nor Sam had commented on their involvement in the Huobi Global acquisition rumors.
The Price Of TRX and HT Surges In Reaction To The Rumors
Just like other crypto assets, both TRON and Huobi’s native tokens, TRX and HT, respectively, had been declining for months. However, at the advent of the Huobi acquisition rumors, the two tokens recorded a price surge.
TRX, TRON’s token, currently trades at $0.063 as it has pumped by 5% in the last 24 hours. The coin lost 73% of its all-time high value in January when it traded at $0.232.
On the other hand, HT, Huobi’s token, spiked by 5% in the last few hours as it currently trades at $4.31. According to price charts, the token lost 88% of its all-time high in May last year.