Justin Sun, a Chinese cryptocurrency entrepreneur and the founder of Tron, a blockchain DAO ecosystem, is the core investor of Hong Kong-based investment company About Capital Management, which recently purchased crypto exchange Huobi Global, Wu Blockchain reported on October 10, citing multiple sources.
Sun himself has denied a previous Bloomberg report that he had made initial contact with Huobi Founder Leon Li, who was seeking stake buyers.
Although Sun said that he “didn’t participate,” Huobi has just announced its global advisory board composed of industry leaders across the blockchain field and traditional organizations, including Sun. The other members of the advisory board are Ted Chen, CEO of About Capital Management, Du Jun, Co-Founder of Huobi Global, Wang Yang, Vice President of the Hong Kong University of Science and Technology, Leah Wald, CEO of Valkyrie Investments.
Another clue is that Justin Sun’s Twitter page has already shown a link to Huobi Global’s official website.
About Capital was more of a “bridge” for Justin Sun’s acquisition, Wu Blockchain said, because Leon Li was concerned that the Chinese government would be dissatisfied with the move. Justin Sun founded Tron in 2017, and the company held an initial coin offering (ICO) for the TRN token, a few days before the Chinese government banned ICOs. According to The Verge, Sun was aware of the impending ban, and pushed for the sale to occur before the ban could be announced. Shortly afterwards, Sun left China for the United States.
Leon Li previously stated on social media that he will no longer serve as the shareholder and actual controller of the company, adding that he will not be involved in any aspect of its business going forward. However, according to Wu Blockchain, Huobi Japan and Huobi Korea are now coordinating cutting and selling, so Li will still be responsible for the liquidation of Chinese user assets.