The enigmatic entrepreneur of the cryptocurrency world, Justin Sun, tried to explain the decline of Huobi Global, a major digital asset exchange, of the platform's native token despite the widespread rise in cryptocurrencies.
Justin Sun Denies Attempting to Sell Huobi Global Stock
Huobi's native HT digital token has lost 28% so far in 2023.
HT Token Chart
After Sun's news that he had been meeting with potential investors in the past weeks, he made a statement on Twitter, stating that he did not want to sell the shares of the company.
He added that Huobi aims to provide a "safe, reliable and innovative platform".
Sun's ties to Huobi have raised more questions than answers in the digital asset market, which has been battered by the collapse of crypto centers in the past.
Sun says he is a consultant to the company and does not own any stock in the company, but this year he used about $200 million of his own fortune to support the platform.
Bloomberg News reported in November that Sun paid nearly $1 billion through Hong Kong-based asset manager About Capital to acquire a controlling stake in Huobi. Sun denies holding a majority stake.
The Chinese-born Sun's stance on crypto demand on the mainland, which banned digital asset trading a year ago, has also sparked controversy.
Sun said in October last year he owned "tens of millions" of Huobi's native token, HT, and described himself as one of the coin's largest holders globally. He is also the founder of Tron crypto company.
HT has lost around 28% in 2023 despite a rally in which the top 100 tokens are up nearly 45%.
*Not investment advice.
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