Justin Sun Behind Huobi Acquisition?

As announced, Huobi Global has been acquired by About Capital Management fund. But WuBlockchain has learned from multiple sources that Justin Sun is indeed the core investor of this M&A fund. Justin Sun himself was at the delivery location in Singapore on October 8.

As updated in previous Coincu News article, October 8 Asia time, Huobi used to be the second largest cryptocurrency exchange in the world after Binance and the largest in China with over 20 million users acquired by About Capital Management’s M&A Funds, a capital management company in Hong Kong.

However, according to the latest source of Wublockchain, Huobi has tens of millions of Chinese users sold to About Capital in Hong Kong but the core investor behind it is Justin Sun. Justin Sun is actively recruiting, some parts of Huobi are also being taken over (the original C-head executives have successively withdrawn and proposed to leave), and the acquisition price exceeds $1 billion.

Justin Sun replied to WuBlockchain that he “didn’t participate”. But then Justin Sun’s official social media announced that he has become a global advisor to Huobi. Advisors include Chen Yihua, founder of About Capital, Du Jun, Justin Sun, Vice President of Hong Kong University of Science and Technology Wang Yang, and Valkyrle Leah Wald.

Jinglin Assets, China’s No. 1 private equity firm that had a partnership with About Capital Management, was initially suspected of being Huobi’s real acquirer. However, confirming with Wublockchain, Jinglin said that it was not involved in the acquisition, and About Capital was the “bridge” for the acquisition of Justin Sun.

People familiar with the matter said Li Lin was concerned that the Chinese government would be unhappy with the move, which would affect his safety. Justin Sun may be worried about drawing the fury of Binance, the company that backs it.

Currently, Huobi Japan and Huobi Korea are coordinating cutting and selling. Li Lin will still be responsible for the completion of the liquidation of assets of Chinese users.

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