QUICK TAKE:

  • Tron founder Justin Sun reveals that he holds tens of millions of Huobi Tokens

  • He said that he “would see himself as one of the biggest holders” of HT

  • Since Justin Sun’s appointment as an advisor to the Huobi cryptocurrency exchange this week, the price of HT tokens increased by 86% 

Justin Sun, the founder of Tron, recently revealed that he currently holds tens of millions of Huobi Tokens. It’s interesting that he went on to say that, as an advisor to the Huobi cryptocurrency exchange, he is willing to boost HT tokens. Further, on Thursday, October 13, Justin Sun made remarks while speaking with Emily Chang on Bloomberg Television.

He said that he “would see himself as one of the biggest holders” of HT. Notably, the founder of Tron also revealed that since the launch of the cryptocurrency exchange in 2013, he has been accumulating HT tokens. Further, in less than a week following Justin Sun’s appointment as an advisor to the Huobi cryptocurrency exchange, the price of HT tokens increased manifold. This is after the exec revealed that the company will be pivoting its focus to the Huobi Token.

It is worth noting that at the time of press as per CMC, Huobi token HT was trading at $7.84. Further, Huobi Token was up 8.88% in the last 24 hours. Further, in the past week alone, the cryptocurrency’s price has appreciated by 85.9%.

Notably, one of the top ten global cryptocurrency exchanges at the moment is Huobi. Further, this exchange serves a daily trading volume of $88,756,435.

Source: CoinGecko

Huobi Pivots Focus on Native Cryptocurrency

Furthermore, the token is clearly experiencing a surge as a result of the recent spate of news. One noteworthy development is Sun’s statement on October 10 that the HT token was critical to Huobi’s revival. Sun wrote on Twitter,

We know that the key to revitalizing Huobi is to empower HT, and HT can only thrive on Huobi! In the future, there will be many big moves around HT, including brand upgrade, heavy empowerment, and business cooperation. We will unite all the forces that can be united to make Huobi Global well together!

It is worth noting that Sun also stated that the HT token’s purpose should be similar to that of Binance Coin (BNB). Further, the Tron creator has stated that he intends to assist the exchange in regaining its former glory.

Moreover, after About Capital moved to acquire Huobi this month, media outlets started claiming that Sun had purchased the exchange discreetly, despite his denials. However, speculation regarding this has gained ground again. This is after several big moves of the Huobi Token were seen in recent days. Crypto journalist Coin Wu wrote about this development in the following way:

74 million HT of Huobi’s two official wallets have been transferred to two new addresses on October 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 handed over to Sun.

According to Etherscan, the addresses 0x611…DF01 marked by Nansen as Justin Sun first extracted about 165 million USDC from Aave Protocol V2 within 3 hours, and then transferred 164 million USDC to Circle. Justin Sun just bought huobi for over $1 billionhttps://t.co/HxJoqOdTVQ

— Wu Blockchain (@WuBlockchain) October 14, 2022

Additionally, there were also rumors that Sun was assisted in buying the exchange by FTX CEO Sam Bankman-Fried, but he denied this. Notably, Sun joined Huobi as an advisor but says he has no ownership stake in the company.