Billionaire Sam Bankman-Fried Says FTX Crypto Platform Has No Plans To Acquire Rival Exchange Huobi

Billionaire Sam Bankman-Fried Says FTX Crypto Platform Has No Plans To Acquire Rival Exchange Huobi

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FTX chief executive Sam Bankman-Fried says his firm has no plans to acquire Seychelles-based crypto exchange platform Huobi.

Bloomberg reported earlier this month that Huobi founder Leon Li was in talks with investors to sell his roughly 60% stake in the company.

Anonymous sources “familiar with the matter” told Bloomberg that Sam Bankman-Fried and Tron founder Justin Sun were among the people who showed interest in purchasing the shares.

Sun, however, promptly denied “engaging in any matters” relating to the Bloomberg story. The Huobi corporate Twitter account responded to Sun’s denial tweet with an emoji of wide-set eyes.


— Huobi (@HuobiGlobal) August 12, 2022

Bankman-Fried appears to have also issued a denial now as well.

“Just to be explicit because apparently a lot of people are saying this: no, we are not planning to acquire Huobi.”

News of the possible sale earlier this month sent Huobi’s native crypto token HT skyrocketing as it rallied from $4.33 to $5.63, a 30% gain in just one day. In the roughly three weeks since the Bloomberg story, however, HT has dropped to $4.78.

Huobi’s stablecoin, HUSD, briefly de-pegged from from the US dollar earlier this month due to liquidity problems. HUSD dipped to as low as $0.87 before its liquidity crisis was resolved in just a few hours and it regained its peg.

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Featured Image: Shutterstock/eliahinsomnia

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