Huobi Manager Sells: Altcoin Price Jumps!

Crypto exchange Huobi Global announced on Saturday that it has sold its founder Leon Li’s entire controlling stake to Hong Kong-based About Capital Management. According to Huobi, About Capital Management will be the controlling shareholder. However, there are no random changes to Huobi’s core operations and business administration teams. As a result of the announcement, the exchange’s altcoin project Huobi Token (HT) rose over 5 percent to reach 4.50. The trade volume also increased significantly.

Huobi founder sold many of his shares in the stock market

In an official blog post on October 8, Huobi Global made an announcement. He announced the change in shareholder as part of a memorandum of understanding between Huobi founder Leon Li and About Capital Management. However, the crypto exchange confirmed that Huobi has no influence over its core operations and business administration teams. In addition, Leon Li will cease to be involved in Huobi Global’s operations and other decisions upon completion of the process.

About Capital plans a series of new international brand promotions and business expansion initiatives for Huobi Global. There will be a leading global strategic referral council. It will also come to the fore with capital injections into margin and risk providing funds and strategies to increase competitiveness. Additionally, About Capital believes the crypto exchange will be better positioned to offer world-class trading and services to international investors.

Assumption value of reconciliation

In fact, Huobi was the second largest crypto exchange after Binance. However, the situation has changed with the Chinese authorities increasing the pressure on cryptocurrencies. Huobi completely stopped its processes in China on December 31 last year. The crypto exchange closed all accounts of Chinese users. Previously, FTX, Tron founder Justin Sun and Binance showed interest in acquiring Huobi Global. Leon Li is reportedly trying to sell his 60 percent stake at a valuation of about $3 billion. This means that the deal with About Capital costs at least $1 billion.

Altcoin price rises over 5%

Huobi Token (HT) price jumped over 5 percent after the change in Huobi’s controlling shareholder. Process volume also increased by about 70 percent. The price is currently trading at $4.30, up over 5% in the last 24 hours. The 24-hour lows and highs for Huobi Token are $4.15 and $4.50, respectively. Huobi operates in more than 100 countries, including the USA, Canada, South Korea, Japan.

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