Justin Sun rumored to be selling his Huobi shares

April 1, 2023 at 11:30 am

Edited by Dalmas Ngetich

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Justin Sun rumored to be selling his Huobi shares

Sources have it that Justin Sun, the inventor of Tron, is in talks to sell some of his holdings in Huobi Global, a crypto exchange.

Last year, Justin Sun paid $1b for the crypto exchange after Hong Kong-based investment company About Capital, managed by Leon Li, the exchange’s creator and primary shareholder bought it out.

Justin Sun disputes selling his Huobi Global stock

According to a source with intimate knowledge of the situation who spoke with Bloomberg, Justin Sun has talked with possible investors about selling a stake in Huobi Global.

A Huobi Global global advisory board member said Justin Sun had contacted investors about selling some of their shares. Notwithstanding Justin Sun’s denials that he has any ownership interests in Huobi, he has contributed approximately $200m to the exchange’s support since January.

As much as I love a good April Fool's Day prank, I must deny the report that @HuobiGlobal 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. ❤️
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 1, 2023

On the other hand, Justin Sun denied that he had ever discussed selling a stake in Huobi Global and labeled the article as an April 1 joke.

He also stated that the business is devoted to delivering secure crypto trading and investment and has yet to make plans to look for a new owner.

Despite Justin Sun’s purchase, Huobi’s trading volume is still declining. The crypto exchange’s trading volume dropped below the top ten in the past twenty-four hours.

SEC accuses Justin of breaking securities laws

In March, the United States Securities and Exchange Commission (SEC) accused Justin Sun of breaking securities laws. He also is charged with violating laws against fraud and market manipulation. He claims the action “lacks validity ” nonetheless and will keep constructing a decentralized banking system. He also criticized the SEC for failing to introduce transparent regulatory regulations and rules of conduct.