a lot of crypto exchanges are having a hard time right now. Some trading platforms have already gone bankrupt amid the bear market. Huobi is one of the largest exchanges and probably won’t be hit too hard, but this platform is now changing hands.
Huobi founder sells crypto exchange
The sharp fall in prices of many cryptocurrencies will have caused the turnover of these companies, which make money by charge a small commission on each transaction. Huobi stands according to CoinGecko invariably in the top ten of exchanges with the most volume.
Still, Huobi founder and crypto mogul Leon Li wanted to sell his company because he wanted to take better care of his health. He wanted to catch $3 billion for the deal. FTX and Justin Sun would already be interested, although FTX will later debunked.
Now Huobi . has announced that Leon Li is selling his entire stake in the company. Hong Kong’s About Capital Management has taken over, which will now own more than 50% of the shares. It is unknown how much money Li received for the deal. In any case, the core of the company and management teams remain untouched, according to the press release.
Huobi . Volatile Tokens
To make matters worse, Huobi’s stablecoin, HUSD, lost its link to the US dollar. Not much later it was restored and it became known that it was due to very strict regulation. This created a major lack of liquidity, causing the token to collapse. Stablecoins that have their ‘pegLosses often inflict a significant dent in confidence, so it could be that this was also an important factor for wanting to sell.
In addition to the HUSD, Huobi also has its own Huobi Token (HT). This is not a stablecoin, and after the news, the token rose more than 5%. However, all profits have been returned at the time of writing. The price is now slowly creeping to the low of earlier this month.