
Li Lin’s controlling stake in Huobi, considered one of Asia’s largest cryptocurrency exchanges, was lately acquired by About Capital Administration for an undisclosed sum. Huobi’s acquisition by the Hong Kong-based asset administration agency got here shortly after the crypto alternate had exited the Chinese language market.
Lin’s Arrest in 2020 a Key Occasion for the Huobi Founder
The Hong Kong-based asset administration firm, About Capital Administration, lately turned the most important shareholder within the crypto alternate Huobi after it acquired founder Li Lin’s stake within the agency. The Asian crypto alternate’s acquisition by the “secretive” asset administration agency has put an finish to rumors suggesting that Sam Bankman-Fried’s FTX, Binance, and Justin Solar have been curious about shopping for, or had already purchased, Huobi.
In accordance with a Wublockchain report, following his arrest in 2020 by native legislation enforcement, Lin hinted he wished to stop the Chinese language market.
“With out Huobi, everybody nonetheless has Binance and Okx. In case you are upset, I’m sorry,” Lin reportedly mentioned in a put up shared by way of Wechat.
Huobi Encountered Extra Issues After Exiting the Chinese language Market
After initially blocking Chinese language residents from the platform in 2021, Huobi — which has licenses to function in america, Hong Kong, South Korea, and Japan — proceeded to exit its largest market in 2022. However, the troubles that the crypto alternate encountered after it exited the Chinese language market could have compelled Lin to contemplate leaving the crypto alternate enterprise fully, the report concluded.
Whereas there was no official affirmation of the quantity that About Capital Administration paid for Lin’s shares, some market rumors counsel the acquisition deal is value roughly $3 billion.
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