Sam Bankman-Fried & Justin Sun to Buy Majority of Huobi Global Exchange?

Leon Li, the founder of huobi huobi Decentralised Exchange Followers : 0 View profile , is in talks with investors for selling his majority stakes in the crypto-exchange with a valuation of more than $3 billion, as reported by Bloomberg.

It is estimated that this could be one of the biggest deals ever in the crypto industry since the $2 trillion crypto rout began. According to coingecko coingecko hello@coingecko.com Data aggregator Followers : 0 View profile , Huobi is one of the largest crypto exchanges with a daily trade volume of over $1 billion. 

Li is seeking to sell roughly 60 percent of the company and has held preliminary talks with tron tron Blockchain Network Followers : 0 View profile founder justin sun justin sun founder at tron   Justin Sun is the founder of Tron and CEO of BitTorrent. He has become quite possibly the most renowned figure in the blockchain space, known for his intricate advertising strategies. He is an ambassador, Permanent Representative of Grenada to the WTO, and a Geneva-based Chinese-Grenadian negotiator, business visionary, an business chief.    He holds a graduate degree in East Asia studies from the University of Pennsylvania and a B.A. in history from Peking University. He studied at Human University and turned into the cover figure of Yazhou Zhoukan in 2011 and Davos Global Youth Leaders in 2014. In 2015 he was named CNTV's most essential new business person and was named in Forbes China 30 Under 30 from 2015 through 2017.   He put the record-breaking $4.6 million bid to have a private lunch with Berkshire Hathaway CEO Warren Buffett in June 2019, before dropping it to a far-reaching surprise. The lunch with Buffett ultimately happened in January 2020. On 11 March 2021, Sun was the underbidder on the notable $69M auction at Christie's New York of the Beeple non-fungible token (NFT) assortment Everyday: the First 5000 Days. In October 2021, Sun took part in a $65 million financing round in Animoca.   In December 2021, Sun declared he was the victor of the New Shepard closeout with a bid of $28 million to be the principal paying traveler to fly on the Blue Origin vehicle in July 2021. He couldn't fly on this July 2021 mission because of a booking struggle. Anyway, he bought (probably with the $28 million sale bid, which he paid to Blue Origin in 2021) secretly a full trip of New Shepard for him and expects to choose five different members to fly with him into space in late 2022. In December 2021, Justin Sun resigned as the CEO of TRON to turn into a negotiator for Grenada. EntrepreneurInvestorCrypto and Blockchain ExpertChief Executive Officer Followers : 0 View profile and FTX founder sam bankman fried sam bankman fried ceo at ftx Sam Bankman-Fried is a successful American entrepreneur, angel investor, and billionaire with a remarkable history in the space of the cryptocurrency industry. Being the Founder and CEO of FTX, a leading cryptocurrency exchange he has played a key role in the revolutionization and development of the crypto space through his excellent experience and potency. Bankman is a native of Stanford, California, United States.   Ranked as 60th on the 2022 Forbes billionaires list incorporating a net worth of US$24 Billion. Began his career working at Jane Street Capital, a trading organization that trades international ETFs. Later, in 2017 he quit Jane Street and founded Alameda Research, a quantitative cryptocurrency trading organization established in October 2017.  Bankman build an arbitrage trade, raising $25 Million every day, to take benefit from the higher price of Bitcoin in Japan in 2018.   After attending a cryptocurrency conference in 2018, in Macau, he got inspired by the concurrent crew of Bitcoin cash and built his firm, FTX according to July 2021 that averages $10 Billion of day-to-day trading volume with beyond 1 Million users that provides a policy of donating 1% of its revenue to charity. Bankman aims to support lawmakers who perform the vast game on policymaking in spaces like pandemic planning and preparedness.   EntrepreneurChief Executive OfficerTrader Followers : 0 View profile , the report stated, citing people familiar with the matter. 

The existing investors of the company including ZhenFund and Sequoia China were informed about Li’s decision during the July shareholders’ meeting. It is estimated that the deal might be concluded by the end of this month. Li is seeking a valuation of $2 billion – $3 billion, implying the stake sale could fetch upwards of $1 billion. 

If concluded it will be one of the biggest deals in the crypto industry, keeping in mind the “crypto winter”. With the crypto market spiraling down, many big firms were forced to cut costs and jobs, whereas this will be the first instance where a majority stake will be sold by one of the biggest crypto firms. 

Huobi was one of the most active bitcoin org bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile  trading platforms on the globe, but it had to retreat from China which was once its biggest user base and revenue source. After Beijing declared crypto-transactions illegal last year, Li’s company stopped providing services to Chinese users. 

Huobi has roughly handled $1.12 billion of crypto transactions over the 24 hrs to August 12, a little more than half of the trades hosted by Coinbase Global Inc., according to CoinGecko. 

After bloomberg bloomberg MediaConglomerate company Followers : 0 View profile report was published, Huobi’s native token HT saw an increase of 25 percent to $5.43, hitting a high of $5.80 at one point.