Justin Sun Confirmed Now As Leader Of Huobi Exchange, Plans To Create FTX 2.0

Key Points:

• Huobi confirmed that Justin Sun is not just a member of the Global Advisory Board but is leading the exchange.
• The exchange claims that its personnel optimization plan is no lower than the industry average.

Singapore-based exchange Huobi confirmed Thursday that Justin Sun, founder and CEO of Tron, and one of the richest people in crypto, is not just a member of the Global Advisory Board but is leading the exchange.

Sun became a Global Advisory Board member in October, shortly after Hong Kong-based investment company About Capital Management became the majority stakeholder of Huobi, but it wasn’t previously confirmed that Sun was in charge of the exchange.

Justin Sun himself has confirmed that he owns tens of millions of Huobi’s HT tokens.

Huobi recently plans to lay off nearly 20% of its workforce as part of implementing the exchange’s strategies. The layoffs come amid larger worries over reserves and solvency at multiple cryptocurrency exchanges and lenders following the collapse of FTX and a slew of other bankruptcies last year.

In addition, the domestic crypto market exchange Huobi Korea is planning to arrange its ties with the parent firm Huobi Global. It is a strategy to improve its domestic presence by changing its name to Huobi and purchasing shares.

Sun was responding to a pseudonymous crypto trader who suggested four names for leading the “FTX 2.0”: a16z, Citadel, Apollo Capital, and H.E. Justin Sun. Sun stated that he has “some good ideas about FTX 2.0 with HuobiGlobal, which he “will share in a few days.”

This comes after FTX CEO John Ray III told the Wall Street Journal in an interview that a task group had been formed to look into the viability of reviving the company’s main international exchange, FTX.com.

Reuters also previously reported that Justin Sun intends to buy back the assets of struggling cryptocurrency company Digital Currency Group (DCG).

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Harold

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