Justin Sun, the founder of Tron, has denied reports that he is looking to raise funds to acquire a majority stake in Huobi. Reports had suggested that Sun was looking to create a “cryptocurrency tycoon” by acquiring a stake through discussions with investors.
Indeed, the press reported last week that Justin Sun was talking to investors in connection with a stake sale in Huobi.
In an April 4 tweet, Sun said the reports were “false” and that it had “no intention” of acquiring a stake in Huobi.
As much as I love April Fools’ Day, I must 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 cryptocurrency,” he tweeted.
Reports of Sun’s alleged bid for Huobi had been circulating in the media since early April. Some reports suggested that Sun was seeking a stake in the exchange as part of its ongoing efforts to expand its influence in the crypto-industry. Sun is known for its high-profile marketing campaigns and aggressive acquisition strategies.
As a reminder, acquired by About Capital last year and since advised by Justin Sun, Huobi has seen its market share drop to 4% in 2022 from over 20% in 2020 before the tightening of the cryptocurrency ban in China.
