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Rumor has it that Justin Sun may be divesting his stake in Huobi Exchange


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Sources say that Justin Sun, the inventor of Tron, is in talks to sell some of his holdings on cryptocurrency exchange Huobi Global.

Last year, Justin Sun paid $1 billion for a cryptocurrency exchange after it was bought by the Hong Kong-based investment firm Around Capital, which is run by Leon Lee, the exchange’s founder and primary shareholder.

Justin Sun argues selling his Huobi Global shares

According to a source familiar with the situation who spoke with him bloombergJustin Sun spoke with potential investors about selling a stake in Huobi Global.

Huobi Global’s global advisory board member said Justin Sun has approached investors about selling some of their shares. Despite Justin Sun denying he has any ownership interests in Huobi, he has contributed nearly $200 million to support the exchange since January.

On the other hand, Justin Sun denied that he had discussed selling a stake in Huobi Global and called the article a joke on April 1st.

He also stated that the company is dedicated to offering safe cryptocurrency trading and investment and has not yet made plans to search for a new owner.

Despite the purchase of Justin Sun, Huobi’s trading volume is still declining. Cryptocurrency trading volume has fallen below the top ten over the past 24 hours.

The SEC charges Justin with violating securities laws

In March, the US Securities and Exchange Commission (SEC) charged Justin Sun with violating securities laws. He is also accused of violating anti-fraud and market manipulation laws. He claims the measure “lacks validity” however and will continue to build a decentralized banking system. He also criticized the SEC for failing to provide transparent regulations and codes of conduct.

Huobi announced a strategic alliance with Gala Games to develop web3 and layer-1 to support the blockchain ecosystem this week.

The current price of Huobi Token (HT) is $3.66. Despite the general market recovery, the token price has been moving sideways over the past week.

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