Leon Li, the founder of cryptocurrency exchange Huobi Group, is believed to be in discussions with investors about selling his majority stake for $3 billion. He is believed to be in conversation with Justin Sun and Sam BankmanFried.
According to Bloomberg, Leon Li, a Chinese crypto mogul, wants to sell his 60% stake in Huobi. This is according to people who are familiar with the matter. The deal, which is expected to be between $2 billion-$3 billion, could be completed by the end of August. Li’s intentions were confirmed by a spokesperson, who said:
He believes that the new shareholders will be more resourceful and powerful than the old ones and will therefore value Huobi’s brand and invest more capital to support its growth.
Rumours suggest that some potential buyers include prominent names such as Justin Sun or Sam Bankman-Fried from the sector. Sun stated that he hadn’t discussed the deal with Li while a spokesperson for FTX declined to comment. A separate report, released a month earlier, also suggested Li’s intention to sell his stake. Many joked back then that Sam Bankman Fried had the best chance to reach an agreement with Huobi’s executive because FTX was on a shopping spree during bear markets. It had to deal with some significant issues over the years, such as the crackdown in China on crypto. This affected its revenue. The Australian financial watchdogs gave their approval two weeks ago. This was similar to other exchanges. According to CryptoPotato, at least 30% of the company’s total workforce were laid off as reported by CryptoPotato in June.
CryptoPotato’s Huobi’s founder wants to sell his stake in the company for $3 billion (Report).
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