The cryptocurrency exchange Huobi (HT) token rose 24% from $4.38 to $5.46 in 40 minutes, according to Coingecko. This happened after it became known about the plans of the exchange’s founder, Leon Lee, to sell the shares of the platform he owns.
According to Crypto-Auditor, Lee is negotiating with several investors to sell his controlling stake, which includes approximately 60% of all shares in the crypto exchange, BNN Bloomberg reported. The Chinese crypto millionaire held talks with some financiers, including Tron blockchain founder Justin Sun and FTX crypto exchange chief Sam Bankman-Fried, the article said, citing anonymous sources.
A representative of Huobi confirmed that Li is in talks with several international organizations regarding the stake sale. Huobi’s founder hopes to receive $2-$3 billion and the deal could be completed as early as the end of August, the article says.
Huobi was founded by Li in 2013 and has become one of the leading cryptocurrency exchanges in the world. The platform ranks sixth in the world in terms of daily trading volume ($1 billion), 615 different assets are represented on it.
At the end of June, the Huobi exchange accused a former manager of misappropriating $5 million. The crypto platform sued the dismissed employee for trading using a dummy account and issuing a $20 million credit line.