Last Updated on October 10, 2022 by Bitfinsider

The controlling shareholders of Huobi Global had successfully completed transactions to sell their entire shareholdings to About Capital Management, a fund management firm based in Hong Kong on October 8th.

It has recently been reported that the true buyer of the massive cryptocurrency exchange could be Justin Sun, the founder of TRON. The Chinese blockchain news outlet Wu Blockchain published an article on October 10 in which it cited “multiple sources” as evidence that Sun was the primary investor in the fund that specializes in mergers and acquisitions.

There were also rumors that FTX CEO and crypto billionaire Sam Bankman-Fried “invested to help Justin Sun.” Wu reported both of these rumors. Despite this, SBF has repeatedly denied that they have any interest in Huobi.

On October 10, Justin Sun also sent out a tweet confirming that he has been appointed to serve on the Global Advisory Board of Huobi Global. The tweet was posted on Huobi Global’s official account. The board has been given the responsibility of directing the business development of the company as well as the strategic roadmap for its expansion into global markets.

According to an announcement made by Huobi, some of the other members of the advisory board are as follows: Ted Chen, CEO of About Capital; Du Jun, co-founder of Huobi Global; Wang Yang, Vice President of the Hong Kong University of Science and Technology; and Leah Wald, CEO of Valkyrie Investments.

According to the information provided by Wu, Sun was present at the delivery site on October 8 and the price for the takeover was approximately one billion dollars. According to Jinglin Assets, the leading private equity firm in China, “About Capital was more of a “bridge” for Justin Sun’s acquisition.” [Citation needed]

According to Wu, this move may force Binance, a cryptocurrency exchange that has previously backed Justin Sun, into the position of a competitor.

At the TOKEN2049 conference that took place in Singapore the previous month, Sun was seen at Huobi’s event stand as well as at the after-party for employees. According to the information provided by Wu, “Justin Sun and the FTX CFO frequently communicated together in Singapore to acquire Huobi.”

There has been no official statement issued by either FTX or SBF confirming or denying what are essentially rumors at this point in regard to his involvement. FTX and SBF have not commented on the matter.