Huobi's real buyer is likely to be Justin Sun

In the early morning hours of October 8, Huobi announced that the controlling shareholder company had transferred all shares of HuobiGlobal held by the About Capital Management fund. However, WuBlockchain has learned from multiple sources that Justin Sun was actually a core investor in this M&A fund. Justin Sun himself was at the delivery location in Singapore on October 8th. Currently, Justin Sun is hiring vigorously and some parts of Huobi are also being taken over. The price is about 1 billion dollars.

Justin Sun responded to WuBlockchain that he "does not participate". However, later Justin Sun's official social media announced that he has become Huobi's global advisor. The advisors include Chen Yihua, founder of About Capital, Du Jun, Justin Sun, Wang Yang, Vice President of the Hong Kong University of Science and Technology, and Valkyrle Leah Wald. He is currently coordinating the cut and sell operations for Huobi Japan and Huobi Korea. Li Lin will continue to be responsible for completing the liquidation of Chinese user assets. Chen Yihua, a former member of About Capital, was a partner at Jinglin Assets, known as China's No. 1 private equity firm. It was therefore misunderstood that Jinglin was the gold owner behind the acquisition of Huobi. However, Jinglin told us that they did not participate in the acquisition and that About Capital was more of a "bridge" for Justin Sun's acquisition. Why did they do this? People familiar with the matter said that Li Lin was worried that the Chinese government would not be happy with the move, which would affect his security. Justin Sun may be worried about drawing the ire of Binance, which has backed him. On August 12th, Bloomberg reported that Huobi Lilin was trying to sell his majority stake in the exchange at a value of $3 billion. FTX and Justin Sun made first contact with him. Shareholders like ZhenFund and Sequoia China learned about Li Lin's decision at the shareholders meeting in July. Justin Sun tweeted to explain: "We are not involved in any matters related to Bloomberg's story at this time." SBF has said it has no plans to buy Huobi. However, FTX is rumored to be investing to help Justin Sun. This could push Binance, which supports Justin Sun, into a rival position. Justin Sun graduated from Peking University and was named the first student of Jack Ma Lakeside University in 2015. He founded TRON in 2017, bought the Poloniex exchange in 2019 and bought Buffett's lunch the same year, but Caixin revealed that he has been under investigation by China since June 2018. In 2021, Justin Sun denied being investigated by the IRS and FBI and became Grenada's representative to the World Trade Organization. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!