During his latest admission, Tron founder Justin Sun said he currently holds tens of millions of Huobi tokens. Interestingly, he added that he is willing to raise HT tokens as he is now an advisor to the Huobi crypto exchange.
Justin Sun’s comments came during his Bloomberg Television interview with Emily Chang on Thursday, Oct. 13. “I would see myself as one of the biggest holders” of HT tokens, he added.
The founder of Tron also stated that he has been accumulating HT tokens since the crypto exchange was founded in 2013. Shortly after Justin Sun became an advisor to the Huobi crypto exchange, the price of HT tokens rose by almost 100%.
At press time, the HT token is trading up 12.32% at a price of $8.14 and a market cap of $1.2 billion. This means that the Huobi token (HT) has added more than $600 million to its market cap in less than a week. This shows that Sun’s presence on the Huobi board has a major impact on the price of the token.
Huobi is currently one of the top ten global cryptocurrency exchanges in the market. This exchange can accommodate nearly $900 million in daily trading volume.
Is Justin Sun Huobi’s Shadow Owner?
According to reports earlier this week, Tron founder Justin Sun was the shadow owner of Huobi Global. However, Sun has denied buying a stake in the crypto exchange. Speaking of this development, crypto journalist Coin Wu wrote:
74 million HT from Huobi’s two official wallets were transferred to two new addresses on Oct. 13, and the first transactions were from Justin Sun’s poloniex. The HT officially held by Huobi may be part of the acquisition of Huobi Exchange and has been transferred to Sun.
Justin Sun said they would focus on further expanding Huobi’s presence in the global market. He is also interested in bringing the scholarship back to China if the laws allow it.
Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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