Co-Founder of crypto exchange Huobi is rumored to be selling his stake, which could be worth more than US$1 billion.
For your information, Huobi is a Seychelles-based cryptocurrency exchange founded in China by Leon Li and Du Jun in 2013.
This cryptocurrency exchange has gained a lot of popularity after the close of BTCC and has soon become a hub for crypto traders and investors in China.
After the Chinese government banned businesses related to crypto and mining, Huobi finally closed its operations in the bamboo curtain country.
Now, Huobi has expanded globally by operating and obtaining licenses in New Zealand and Dubai, as well as obtaining a license from the US Department of the Treasury, aka FinCEN. Huobi offices also exist in several countries such as Japan, the US, Hong Kong and South Korea.
Huobi Crypto Exchange Founder Wants To Sell His Shares
According to a Cointelegraph report, Huobi co-founder, Leon Li, will reportedly sell most of his shares, which are estimated to be worth more than $1 billion, even $3 billion.
The former engineer at Oracle is said to have discussed with investors who want to sell 60 percent of the stake in Huobi.
According to a Huobi spokesman, Li has been involved with many large international companies for the sale of the shares.
Leon Li is also reported to have informed company supporters of his decision at a shareholder meeting in July. His position as CEO has also been transferred to Hua Zhu as he wants to focus on his health.
It is known that crypto exchange FTX and Justin Sun have been part of some of the early investors involved in talks with one of the Huobi Founders.
And apparently, the share sale agreement will be finalized by the end of August.
If this is successfully completed, it will be one of the biggest selling deals since the crypto market turmoil in May 2022.
Of course, this doesn't seem to be having a bad impact on the crypto market, as there are no internal issues that could be considered dangerous behind the sale of this stock.
What is expected is a new role from Huobi's majority shareholder in running the crypto exchange, because Huobi is one of the largest contributors to trading volatility in the crypto market.
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