Key Takeaways
- Leon Li has accepted the sale of his total stake in the crypto exchange to Hong Kong-located investment firm, About Capital.
- Leon Li is popularly known by many to be Huobi Global's majority shareholder.
Leon Li has accepted the sale of his total stake in the crypto exchange to Hong Kong-located investment firm, About Capital. Leon Li is popularly known by many to be Huobi Global's majority shareholder. Justin Sun, the founder of Tron, currently leads About Capital. With the completion of the sale set to take place very soon, About Capital is about to be in charge of LI's stake.
The company announced this on Saturday in an official statement. Henceforth, Li will not partake in Huobi's events. Though the intricacies of the deal agreed upon were not revealed,
Read: Colorado is accepting crypto for tax payments—it could be a mess or a shining example
Huobi Founder Sells 100% Stake to Justin Sun Fund: Report
According to metrics, Huobi ranks as one of the largest crypto trading platforms across the globe. Analytic Unit Messari rated the exchange eight out of eight according to the total quantity considering that it processed close to $111 million in transactions in the past 24 hours.
According to a report filed on Monday by China-based Journalist Colin Wu, Tron Founder Justin Sun is the main stakeholder in About Capital, which means he is the one purchasing the $1 billion stake.
As a controversial entrepreneur, Justin told Wu he was not part of the deal to acquire Leon's stake. Yet, he is officially one of Huobi's global advisors partnered by About Capital founder, Ted Chen and Valkyrie Investment CEO, Leah Wald.
Interestingly, Sun has changed his bio on Twitter to show his recently acquired title. Chen, the founder of About Capital, has founded a number of incredible projects.He founded China's hedge fund giant Greenwoods Asset Management.
The current news is that Justin Sun was actively available at Huobi's event site at the newly organized TOKEN 2049 conference held in Singapore. Huobi Global has its headquarters in the Seychelles, as seen on the company's official website curated in Korean.
This deal is not Sun's first jump into his crypto exchanges. In 2019, he was part of a different investment group that obtained crypto exchange, Poloniex, from stablecoin issuer Circle.
Just like he denied being involved in this deal to acquire Leon Li's stake, he initially denied that, too. Let me know your thoughts about this deal in the comment section.
