The founder of blockchain network Tron, Justin Sun, and crypto exchange FTX founder Sam Bankman-Fried each denied for a second time that they have participated in purchasing a majority stake in Huobi Global, after crypto media outlet Wu Blockchain said on Monday that Sun was actually the Chinese crypto exchange’s behind-the-scenes purchaser, with Bankman-Fried was rumored to be backing Sun.

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Fast facts

  • In August, Bloomberg reported that Huobi Global was seeking to sell its majority stake at a valuation of US$3 billion, with Sun and Bankman-Fried as potential buyers. But later, Sun and Bankman-Fried each denied it.
  • Sun said on Monday that neither he nor Tron was the acquirer of Huobi’s stake sale in a press release published on Chinese media site Cailianshe. Cailianshe is a Shanghai-based media company backed by the state-owned Shanghai United Media Group.
  • Bankman-Fried retweeted Wu Blockchain’s report about his involvement in the acquisition with the comment “still not involved.”
  • In a Monday report, Wu Blockchain quoted anonymous sources as saying that About Capital, the acquirer of Huobi Global’s majority stake, is more of a “bridge” for Justin Sun’s acquisition, and citing rumors saying FTX has invested to back Justin Sun.

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