Founder of the Tron Protocol Justin Sun has bought the cryptocurrency exchange Huobi, and he has since been appointed a worldwide adviser to Huobi, according to WuBlockchain.
Although the mergers and acquisitions fund of About Capital Management, a Hong Kong-based asset management business, completed the purchase, Sun was apparently the main investor.
In a comment to WuBlockchain, the bitcoin entrepreneur, however, denied being a part of the fund.
Those shares, which together comprised a 60% ownership position in the cryptocurrency exchange, belonged to Huobi co-founder Leon Li. The transaction was carried out through About Capital because, according to the article, Li was worried about potential disapproval from the Chinese government.
Yang Wang, vice president for institutional development at Hong Kong University of Science and Technology, Yihua Chen, and Leah Wald, CEO of Valkyrie, also serve as advisers to Huobi in addition to Sun.
Li has apparently been in discussions to sell his interest in Huobi since August, with initial speculations suggesting that rival FTX would be the prospective bidder. Sam Bankman-Fried, the CEO and creator of FTX, refuted this, nevertheless.