Huobi Founder in Talks With Investors to Sell 60% of His Stake

August 12, 2022

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Huobi Founder in Talks With Investors to Sell 60% of His Stake

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According to a recent report by Bloomberg, Huobi Global founder, Leon Li is looking to sell a significant percentage of his stake in the exchange with FTX’s Sam Bankman-Fried, Tron’s Justin Sun in the race to buy it.

This deal, if eventually happened, will be the largest buyout in the crypto industry as it is reportedly worth $3 billion.

The report citing Huobi’s spokesperson says Leon Li is in several talks with investors, although he refused to give specific details but confirmed the report.

Currently, Tron founder, Justin Son, and FTX’s Sam Bankman-Fried are among the biggest investors in talks to grab the opportunity.

According to the spokesperson, Leon Li hopes that the new shareholder will strengthen the cryptocurrency exchange.

The report also furthered that FTX spokesperson refused to comment on the matter while Justin Son replied in a text that he has had no negotiations with Huobi regarding the deal.

We have not engaged any matters related to the Bloomberg story at this moment.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 12, 2022

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Could This be Related to the Crypto Crash?

Since the beginning of the current “crypto winter,” several crypto firms, especially crypto lenders, have been falling apart. Along the line, many investors like Sam Bankman-Fried have been taking advantage of the event by acquiring sinking crypto firms.

Huobi exchange has been troubled since the banning of crypto in China last year as the country is one of its largest markets and a source of a significant part of its revenue, following the ban, it was forced to retreat from China, affecting the exchange’s income significantly.

Also, the crypto meltdown has also affected many crypto firms of which in the process, Huobi may not be left out of this situation.

Currently, it is still unclear whether the takeover will include Huobi Global Technology Holdings Ltd which is licensed in Hong Kong, an affiliate that manages virtual assets for professional investors and is licensed by Hong Kong’s securities regulator.

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