Justin Sun, the founder of TRON blockchain, has been revealed to be in charge of Singapore’s Huobi exchange, and not simply as a member of the Global Advisory Board.
In a blog post, the leading crypto platform stated that it was able to set off on a revival path due to “the leadership of Justin Sun.”
It needs to be recalled that the TRON founder was reported to be the core investor of the crypto exchange Huobi.
Shortly after the revelation went public, Sun slammed the reports as “wrong”, denying being the shadow investor, TronWeekly reported.
The series of claims began when Huobi declared that all of the HuobiGlobal shares held by the fund of About Capital Management had been transferred to the controlling shareholder firm.
The principal investor in this M&A fund was “found” to be Justin Sun, as first revealed by WuBlockchain, who cited multiple sources to reach that conclusion.
Although he remains tightlipped on his exact role at Huobi, Sun publically acknowledged that he is “one of the biggest holders” of HT tokens.
The exchange also grabbed the limelight recently for news of staff cuts and the manner in which those were executed.
Huobi defended the move by saying that layoffs were done to protect the interest of the majority of employees and ensure that the company could survive.
“Otherwise, more people’s interests will only be damaged once the company collapses”.
Next, the exchange took on the issue of “Rat Traders”.
Rat trading is a form of front-running in which fund managers exploits personal accounts to buy shares cheaply, then sell them at a profit after purchases from the funds they manage have boosted their value.
TRON’s Huobi To Take Action Against Rat Trading
Huobi claimed that numerous accounts frozen for their unusual behavior are distinguished by their absence of activity during regular hours.
As per the firm, these accounts often exchanged ecology tokens and Huobi’s new tokens while moving money in and out swiftly.
Huobi noted in a statement that it had “zero tolerance for rat trading” and that “under the new management, it will continue to perform in-depth audits, hold accountable responsible individuals, and disseminate information in due time.”
Following recent developments, TRON’s Justin Sun told Reuters that he was ready to spend $1 billion of his own money to buy assets from Digital Currency Group [DCG], the parent firm of ailing crypto lender Genesis. However, he did not specify which assets he would be purchasing