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Usha Yadav
Oct 14, 2022
by Usha Yadav

Tron Founder Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens

Justin Sun

Table of contents

  2. Huobi To Sell Majority Stake
Tron founder Justin Sun said he owns "tens of millions" of Huobi Tokens and intends to try and boost the latter now that he's an adviser to its linked crypto exchange.  He noted that he started gathering the Huobi cryptocurrency exchange token in 2013. Since Sun joined the exchange's advisory board, the coin has increased by nearly 80% in the past week.

Huobi Among Top 10 Cryptocurrency Exchanges

According to tracker CoinMarketCap, Huobi is one of the top 10 cryptocurrency exchanges worldwide, with around $879.5 million in volume over the last day. Sun claimed he hadn't bought stock in the company.

If laws permit, Sun said he would also concentrate on expanding Huobi internationally and perhaps even bringing it back into China. Sun claimed that his team has examined the bankrupt cryptocurrency lender Celsius Network's assets but hasn't decided on an offer. In the Caribbean island nation of the Commonwealth of Dominica, the national token of Tron has just been recognized as money.

Huobi Global has rallied over 70% since Monday, reaching a four-month high of $7.60, according to data sourced from charting platform TradingView. The token is experiencing a surge because of the spate of news reported in the past few days.

Huobi To Sell Majority Stake

The exchange announced that it has decided to sell all of its shares to About Capital Management of Hong Kong last Friday. After months of rumors that exchange founder Leon Li was aiming to sell his 60% ownership for at least $1 billion, the news finally came to light.

Following China's blanket ban on cryptocurrencies last year, which drove a sizable portion of its user base away from the exchange, the 2013-founded Huobi encountered some difficulties. Early this year, it was said that the exchange was considering a 30% workforce reduction to offset the revenue loss brought on by the crackdown in China.

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Tron Founder Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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