Justin Sun has bought Huobi Global
Crypto exchange Huobi Global issued an announcement over the weekend that ownership of the exchange had been taken over by About Capital Management, founded by Ted Chen in 2008. The scope of this organization - the management of various funds.
Huobi Global announced that despite this deal, nothing will change in the operation of the platform, except for the shareholders. There is evidence that the real buyer is Justin Sun.
Is Justin Sun really the owner of Huobi Global?
Wu Blockhain has stated that there is good reason to point out that the main investor is Justin Sun.
There is also information that the head of FTX Samuel Banckman-Fried has helped him to financially make this purchase of the Huobi Global crypto exchange.
10/10/2022, it became known that Justin Sun is on the advisory board of the exchange. The management is currently busy developing a new RoadMap so that Huobi Global can cover new countries.
Together with Justin Sun, Ted Chen, Wang Yang and others joined the board.
The price of the agreement to buy shares of the crypto exchange - $1 billion. Perhaps, About Capital Management was a cover for Justin Sun and he wanted to participate in the agreement confidentially.
To this day, Justin Sun and Samuel Banckman-Fried have not commented on this. Perhaps, today or in the future, they will be able to clarify this and share information with the press. The journalists noticed that on his Twitter page, Justin Sun added the official Huobi link in the profile header.
What changes are expected in the crypto market after the acquisition of Huobi Global?
There is nothing phenomenal in the fact that Justin Sun became the head of the crypto exchange. Most likely, the crypto market will see an increase in competition between Huobi Global and Binance. The process of takeover by large players of various small platforms continues.
In this sense, the crypto market becomes similar to the stock market, where mergers and acquisitions of small companies always take place. This increases the income of large corporations and competition between them increases.
