Crypto mogul Justin Sun denies raising funds for Huobi

Justin Sun states that Huobi is looking for not from new investors. The market share of thecrypto exchange supported by the founder of Tron a fade out since theban set up by the China.

While the press reported last week that Justin Sun was discussing with investors in connection with a sale of an interest in Huobithe crypto magnate denied the report this weekend on Twitter.

As much as I love April Fools, I have to deny the report that Huobi is looking for a shareholder. Rest assured that Huobi is committed to providing its users with a safe, reliable and innovative platform for trading and investing in crypto-currency,” he tweeted.

Bought by About Capital last year and since then advised by Justin Sun, Huobi saw its market share drop to 4% in 2022 from more than 20% in 2020 before the tightening of the ban on cryptocurrency in China.

This year, its native token HT, has lost nearly 30% of its value against the rest of the market. Bitcoin and Ethereum prices rose by more than 60% in 2023. Huobi laid off 20% of its staff earlier this year to cope with market conditions.

The link between Sun and Huobi remains unclear. The crypto entrepreneur states that it is not the majority shareholder of the platform and acts only as a “ advisor “.

However, the creator of the TRON token has come to the rescue of the crypto exchange several times, injecting a total of over $200 million. According to Bloomberghe would have spent 1 billion dollars to acquire the platform via About Capital.

The eccentric 32-year-old Chinese businessman is now facing lawsuits in the United States for violating securities laws and market manipulation. Several celebrities, including Lindsay Lohan and Akon, are additionally accused of touting the investment in the digital plays of his various projects.

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything. Register-to our crypto newsletter to receive a news summary every week.