Huobi, China’s Largest Crypto Exchange, once a competitor of Binance, has been acquired by About Capital Management’s M&A, an asset management company’s Funds in Hong Kong. Huobi, which had 20 million users and holds compliance licenses in the United States, Hong Kong, South Korea, Japan, and other places, was deemed unsustainable in 2022 following the arrest of the founder of Huobi, Li Lin, in 2020.
Crypto reporter Wu Blockchain took to Twitter to inform about the acquisition:
However, there seems to be no clarity around the amount that the sale was carried out for. But rumor has it that the acquisition is worth $3 billion. Moreover, as per the rumors, it is reported that Justin Sun, FTX/SBF, and even Binance were all involved in the early days.
Nonetheless, as per the sources, Tron founder Justin Sun and Sam Bankman-Fried’s FTX have been among those who have been in contact with Huobi regarding the proposed stock sale. Moreover, it is believed that Justin Sun is the actual buyer of the giant crypto exchange.
Moreover, Li Lin planned to sell more than 50% of his shares while a minority of the shareholders opted out.
Meanwhile, the Huobi token is trading at USD 4.46 with a 24-hour trading volume of USD 19,302,845 at the time of writing. As per CoinMarketCap, Huobi Token has been up 7.75% in the last 24 hours. In addition, the Huobi ranks at the 60the position with a total market cap of USD 684,218,266.
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Source: Cryptocurrency - investing.com
