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Majority stake to be sold by Leon Li at $3 B valuation

Bloomberg reported, citing people familiar with the situation, that Leon Li, the founder of cryptocurrency exchange Huobi Group, is in talks with investors to sell a share in the firm for up to $3 billion, or almost 60% of it.

Justin Sun, the creator of Tron, and the cryptocurrency company FTX are allegedly in discussions for the share transfer. The share sale may be worth more than US $1 billion given Li’s projected value range of US $2 billion to US $3 billion, according to Bloomberg.

Huobi Technology, the company’s affiliate that is listed in Hong Kong, may or may not be a part of the acquisition.

The stake sale, which might be finished by the end of this month, takes place in the midst of a crypto bear market that has decimated market values over the last eight months.

For its Hong Kong branch to become a regulated trading platform for virtual assets, Huobi submitted a licensing application in July.




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