Sam Bankman-Fried, CEO of FTX and Justin Sun, Founder of Tron reportedly want to take charge of Huobi

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Last Updated on August 14, 2022 by Bitfinsider

Leon Li, the founder of the cryptocurrency exchange Huobi Global, is in talks to sell approximately 60% of his stake in Huobi, which represents 5% of the total volume of cryptocurrency trading. According to reports on Saturday, the transaction will cost between $2 and $3 billion.

Sequoia China and ZhenFund, two current Huobi investors, apparently learned about Li’s choice at a shareholder meeting in July of this year.

Li thinks the new shareholders are “powerful and resourceful” based on early reports. Additionally, prospective investors must place a high value on the Huobi brand and provide sufficient funds to support its growth.

Sam Bankman-Fried, the founder of FTX, and Justin Sun, the creator of Tron, are in talks with Huobi about buying a stake, according to insiders with knowledge of the deal.

Possibly one of the biggest deals in crypto history?

Huobi Global, with its headquarters in the Seychelles, is one of the biggest cryptocurrency exchanges, according to data provided by digital currency data aggregator CoinGecko, with a daily trade volume of more than $1 billion.

If the deal is completed, it will be one of the biggest in the cryptocurrency industry. By the end of this month, the deal may be finalized, according to expectations.

This might be the first time one of the biggest cryptocurrency companies has sold a controlling interest. Many of the biggest corporations have reduced spending and staff as a result of the downturn in the market for digital currencies.

Huobi, one of the most well-known cryptocurrency trading platforms in the world, had to leave China, where it had previously gotten most of its users and income.

Sam Bankman-Fried has the resources to finance businesses

When the Chinese government outlawed cryptocurrency transactions in 2021, Li’s business stopped serving customers in the socialist country.

Bankman-Fried’s firm has given BlockFi a $250 million revolving credit since the start of the crypto winter and Voyager Digital a $200 million funding.

The billionaire recently said that his company still has “a few billion” in its funds to support financially depleted enterprises.

In a recent podcast interview, Bankman-Fried declared that he will join the ranks of megadonors like the Koch brothers and George Soros by contributing up to $1 billion of his estimated $12.8 billion fortune to American politics in the 2024 election.

Sam Bankman-Fried has given at least $34 million to political candidates and several socio-political causes since January.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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