Justin Sun, the founder of Tron, was revealed to be a shadow owner of the crypto exchange just one week after Huobi Global disclosed a change in the shareholder structure.
However, he has denied rumors of a buyout. Sun’s role has actually been restricted to that of a global advisor.
The news comes after reports that Huobi founder Leon Li was considering selling his majority stake for more than $1 billion, which would value the exchange at $3 billion.
According to reports, Huobi’s majority shareholder, Li has an agreement with the Hong Kong-based investment firm About Capital Management to sell all of his shares on the exchange.
The buyout vehicle of About Capital will be in charge of the majority stake in Huobi Global. The claim that Justin Sun was the M&A fund’s primary investor is intriguing.
The behavior suggested that Sun was the actual purchaser of the stake, which was initially reported by renowned Chinese crypto journalist Colin Wu to be worth $1 billion. However, the divisive executive claimed that the claim is “wrong.”
Sun tweeted, confirming that he is very honored to be appointed as a member of the Golobal Advisory. He said,
“I am very honored to be appointed as a member of the Global Advisory Board of Huobi Global and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead.”
The creator of Tron has not yet refuted his involvement with About Capital. One company, Huobi, has made the terms of the agreement with the latter public.
Following the acquisition of the majority stake, Huobi established a global advisory board of five people, including its co-founder, Du Jun; Wang Yang, vice president of the Hong Kong University of Science and Technology; Leah Wald, CEO of Valkyrie Investment, Ted Chen, founder of About Capital, and Justin Sun of Tron. The board is in charge of directing the exchange’s international growth.
Sam Bankman-Fried, the founder of FTX, was rumored to have invested in Huobi alongside Sun. The executive, however, simply stated in his most recent tweet, “still not involved,” that he was not involved in any way.