Justin Sun denies ‘Huobi-buyer’ link

During the weekend, it was announced that Huobi will be purchased by Hong Kong-based investment company About Capital Management’s M&A fund. Per the official statement, About will “control the majority stake” of Huobi once the deal closes.

Of late, there have been developments revealing that Justin Sun, the founder of Tron, is allegedly the real buyer of the crypto exchange with the help of Sam Bankman-Fried’s FTX. Per Chinese Journalist Colin Wu’s unnamed sources, Sun is “actually the core investor” of the M&A fund and was at the delivery site in Singapore on 8 October.

The Tron executive, however, told Wu that he “didn’t participate.” Nevertheless, he is officially one of Huobi’s global advisors, alongside Valkyrie Investment CEO Leah Wald and About Capital founder Ted Chen. In fact, Sun also linked the exchange’s website on his Twitter handle and also updated his bio to reflect the new Huobi title.

As a result, two crypto tokens associated with the said Huobi development were a part of the top gainer’s list on Monday. The exchange’s native HT token was up by 5% in the last 24 hours and was priced at $4.34. Tron, on the other hand, stood fifth on the said list and noted a 2.2% incline on a day when top cryptos were struggling to clasp onto their major supports.

Other improvements noted by Tron

Alongside the price enhancement, the state of Tron’s metrics has also been refined over the past day. Data from TronScan revealed that the total accounts stood north of 115.15 million, after seeing an addition of 116k over the past day.

In fact, Tron has also achieved another milestone. Over the past 24 hours, the number of transactions noted an inclination of 4.7 million, bringing the sum total figure above the 4 billion thresholds.

On the DeFi front also, a parallel improvement has been noted. The total value locked on the platform has inclined by 1.4% over the past day, indicating a likely rise in the asset deposits by users. Per stats from DeFiLlama, the same stood north of $5.6 billion at press time, making it another feather in Tron’s cap.