Chinese founder of cryptocurrency exchange Huobi, Leon Li Lin, is handing over his stake to Hong Kong-based investment fund About Capital Management, the South China Morning Post reports.
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In a separate statement, Lin confirmed he is no longer a shareholder of Huobi Global and "do not have any authority, directly or indirectly, over Huobi Global." He added that the deal is expected to bring "new momentum to the globalization" of the exchange.
The company wrote in a blog post that the deal would have "no impact" on its core operation and business management teams. The price of the deal remains undisclosed.
The Hong Kong-based investment fund wants to expand Huobi's business expansion initiatives, including a "global strategic advisory board led by leading industry figures."
Earlier in August, iHodl reported that Lin was discussing the sale of his stake with FTX's founder Sam Bankman-Fried and TRON's Justin Sun for $3 billion. Later, however, Bankman-Fried dismissed this information, saying that FTX "was not planning to acquire Huobi."
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