Justin Sun, the founder of Tron wasted no time seizing the opportunity to take over the crypto exchange company Huobi Global and will officially take control of the entire business.
It is understood that he was appointed as a global strategic advisor by Huobi Global in October along with several well-known individuals from the crypto and blockchain industry.
Prior to the takeover, it was reported that Huobi's former Chief Executive Officer (CEO) Zhu Hua, Chief Financial Officer (CFO) Zhang Li and other senior executives voluntarily resigned from their positions.
In fact, founder Leon Li is said to have previously sold his entire holding to Hong Kong-based About Capital Management.
In the beginning, Justin Sun's name was mentioned as the real buyer of Huobi since he is the main investor of About Capital. However, he vehemently denied the allegations.
On the other hand, Sun who intends to sign an agreement with crypto exchange FTX to trade TRX with other Tron tokens has driven the price of TRX up by 200%.
In addition, he is also in the pipeline for the acquisition of FTX, which previously failed in negotiations with Binance due to significant liquidity problems and mismanagement of its user funds.
As of this writing, the Huobi Token (HT) price is hovering in the $4.70 price zone. But when he announced that he would join Huobi as an advisor before, the price climbed almost 80% in a week.
