Justin Sun, the founder and CEO of Tron, has been confirmed as the head of Singapore-based crypto exchange Huobi. Sun first became a member of Huobi’s Global Advisory Board in October, shortly after Hong Kong-based investment company About Capital Management became the majority stakeholder of the exchange. While many have speculated Sun to be a shadow investor behind About Capital, representatives for Sun have confirmed that he is not an owner of the company. Sun has also confirmed that he owns tens of millions of Huobi’s HT tokens. Huobi has recently come under scrutiny due to its handling of layoffs
In a recent development, security teams at popular crypto exchanges Binance and Huobi have worked together to freeze and recover 121 Bitcoin (BTC) from hackers behind the Harmony bridge exploit. The hack, which was one of the largest to date, saw the theft of $100 million in funds. The Harmony team detected the exploit on June 24th and later, on June 30th, the Lazarus Group, an infamous North Korean hacking organization, was identified as a suspect behind the hack. Binance CEO Changpeng Zhao announced in a tweet that the hackers had tried to launder their funds through the Huobi exchange.
Crypto exchange, Huobi, which recently had to deny rumors of massive layoffs within the company, announced plans to relocate its headquarters to one of the Caribbean jurisdictions, with Dominica being the first candidate. Financial Times revealed the company’s intention “to go all in in the Caribbean” in a report, citing one of the board members. The region’s “super-friendly” crypto stance, common law systems, and English language adoption are the reasons for this. Huobi representatives also met with Dominica’s Prime Minister Roosevelt Skerrit last year, and the company plans to work with the government to improve the country’s crypto infrastructure. Huobi’s