Justin Sun, SBF Deny Involvement In Huobi Global Sale

Both founders have had to deny their involvement in the Huobi Global Sale for the second time as new reports emerged on Wu Blockchain. 

Wu Blockchain Reports On Huobi Global Sale

On Monday, crypto media outlet Wu Blockchain reported that both founders had purchased a majority stake in Huobi Global. The Asian crypto exchange had announced a few days back that it had sold a majority stake in the company to Hong Kong-based investment firm, About Capital.   According to the report by Wu Blockchain, Sun was the behind-the-scene buyer for the Chinese crypto exchange and was silently being backed by SBF. The outlet quoted anonymous sources, saying that the company that acquired the majority stake in Huobi Global, About Capital, is acting as a “bridge” for Sun’s acquisition, which has been heavily backed by investment from FTX. 

An excerpt from the report reads, 

“WuBlockchain learned from multiple sources that Justin Sun is actually the core investor of this M&A fund. Justin Sun himself was at the delivery site in Singapore on October 8. At present, Justin Sun is vigorously recruiting, and some departments of Huobi are also taking over.”

Not The Buyer: Justin Sun

Justin Sun, the founder of blockchain network Tron, and Sam Bankman-Fried, the founder of crypto exchange FTX have vehemently denied these claims. Addressing the report from Wu Blockchain, Sun issued a press release published by Shanghai-based media company Cailianshe, stating that neither he nor his company Tron was the acquirer of Huobi’s stake sale. Likewise, Sam Bankman-Fried retweeted the report from Wu Blockchain with the statement “still not involved.” 

Bloomberg Reported Similar Findings

This is the second time the founders have had to issue a statement refuting these claims, as there were previous reports of their involvement in the Huobi Global deal. In August, Bloomberg reported that both Sun and SBF were potential buyers in the then-upcoming Huobi Global sale. The crypto exchange was looking to sell a majority stake in the company at a $3 billion valuation. Both Sun and SBF denied the reports soon after; however, Sun announced on Twitter that he had become one of the global advisors to Huobi. 

He tweeted, 

“I am very honored to be appointed as a member of the Global Advisory Board of Huobi Global and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.