Justin Sun, founder of TRON and member of Huobi’s global advisory board, denied the allegations made against him recently. There were allegations in the media that Sun was trying to sell his shares in Huobi. Here are the details…
TRON inventor denied rumors: I like April Fools’ jokes but…
TRON founder Justin Sun denied a report by Bloomberg that appeared in the morning. He stressed that the rumors that he is trying to sell his shares in Huobi Global are unfounded. Sun clarified on social media that these news were unfounded. Justin Sun denied this news, stating on Twitter that Huobi Global is not looking for a share buyer, “As much as I love a good April Fools’ joke, I must reject the news that Huobi Global is looking for a share buyer. Rest assured, Huobi is committed to providing our users with a secure and innovative platform for trading and investing in cryptocurrencies.”
However, sources previously quoted by Bloomberg claimed that Sun had been listening to potential investors over the past few weeks and was negotiating the sale of shares in Huobi Global. It was unclear how Sun sought a valuation for Huobi or how large a stake was offered, according to Bloomberg sources. Negotiations were said to be at an early stage and it was unclear whether any investors would continue the deal.
The news that Sun is potentially preparing to sell its stake in Huobi Global has caught the attention of the cryptocurrency community as Huobi is one of the largest cryptocurrency exchanges in the world. The exchange has a significant presence in Asia and is known for its wide range of trading pairs and high liquidity. Sun’s involvement with Huobi as a member of the global advisory board was also closely watched, given his reputation in the industry as the founder of TRON, a blockchain-based platform for decentralized applications.
Justin Sun’s mysterious role in Huobi
Sun’s true role in Huobi remains a mystery as he claims to be only its global advisor, not the company’s shareholder. But on November 12, 2022, Sun surprised everyone by promising to “love Huobi like his own child” and spending over $1 billion to buy the exchange through About Capital. Sun has been using his personal assets to support the exchange’s operations since January, although he denies having a significant stake in Huobi. On March 10, Sun set up a $100 million liquidity fund to increase the liquidity of the Huobi exchange and the HT token.
Meanwhile, cryptocoin.com As we have also reported, the Granada Government appointed Sun as ambassador and permanent trade representative to the World Trade Organization in December 2021. But just seven months later, the New National Party that had appointed Sun lost the National Democratic Convention general election. It was also featured in an article announcing that the U.S. Securities and Exchange Commission (SEC) filed lawsuits against Sun and a slew of celebrities last week for illegally promoting Tron (TRON). Sun reportedly left behind his ambassadorial post following the party change in Grenada.
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