Sources have it that Justin Sun, the inventor of Tron, is in talks to sell some of his holdings in Huobi Global, a crypto exchange.
Last year, Justin Sun paid $1b for the crypto exchange after Hong Kong-based investment company About Capital, managed by Leon Li, the exchangeโs creator and primary shareholder bought it out.
Justin Sun disputes selling his Huobi Global stock
According to aย sourceย with intimate knowledge of the situation who spoke withย Bloomberg, Justin Sun has talked with possible investors about selling a stake in Huobi Global.
A Huobi Global global advisory board member said Justin Sun had contacted investors about selling some of their shares. Notwithstandingย Justin Sunโsย denials that he has any ownership interests in Huobi, he has contributed approximately $200m to the exchangeโs support since January.
On the other hand, Justin Sun denied that he had ever discussed selling a stake in Huobi Global and labeled the article as an Apr. 1 joke.
He also stated that the business is devoted to delivering secure crypto trading and investment and has yet to make plans to look for a new owner.
Despite Justin Sunโs purchase, Huobiโs trading volume is still declining. The crypto exchangeโs trading volume dropped below the top ten in the past twenty-four hours.ย
SEC accuses Justin of breaking securities laws
In March, the United States Securities and Exchange Commission (SEC)ย accusedย Justin Sun of breaking securities laws. He also is charged with violating laws against fraud and market manipulation. He claims the action โlacks validity โ nonetheless and will keep constructing a decentralized banking system. He also criticized the SEC for failing to introduce transparent regulatory regulations and rules of conduct.
Huobiย announcedย a strategic alliance with Gala Games for web3 and layer-1 development to support the blockchain ecosystem this week.
The current price forย Huobi Tokenย (HT) is $3.66. Despite a general market recovery, the token price has been moving sideways for the past week.
