Sun sent the tweet in response to a Bloomberg News report on April 1 that stated that the founder of Tron was planning to “raise funds” by selling an undisclosed stake in Huobi Global.

Justin Sun denied reported rumors about him being in talks to sell a stake in crypto exchange Huobi Global — calling them an April Fool’s joke.

sun said:

“Rest assured, Huobi is committed to providing our users with a safe, reliable, and innovative platform for trading and investing in cryptocurrency.”

Rumors of sale

Sun tweeted in response to a Bloomberg News report on April 1 that stated that the founder of Tron was planning to “raise funds” by selling an undisclosed stake in Huobi Global.

Due to the sensitive nature of the information, the report cited a “person with direct knowledge of the matter” who requested confidentiality.

Sun had been looking for potential buyers for several days, according to the source, who did not name any potential buyers nor provide any specifics about the discussions.

The crypto community is split on this, with some taking Sun at his word and others pointing to similar statements made by CEX CEOs prior to their companies’ demise.

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Sun’s relationship with Huobi

In October 2022, Hong Kong-based About Capital Management bought a majority 60 percent stake in Huobi Global for about $1 billion. Many people think that Sun was behind the deal because he used to work for the company.

Sun, on the other hand, claimed at the time that he was only acting as an advisor for the exchange and denied the rumors.

Sun continued to vehemently deny any claims that he held a controlling stake in the exchange, even though he spent hundreds of millions of dollars of his own money to help the exchange through difficult times.

Moreover, Sun has made a few significant declarations for the trade, including its choice to apply for a VASP permit in Hong Kong in February.

However, concerns have been raised regarding the licensing procedure for the exchange as a result of recent SEC charges against Sun, and many anticipate that the legal issues will have a negative impact.

SEC charges

The SEC has exacted charges of misrepresentation and selling unregistered protections against Sun.

Sun and his wholly owned companies were accused by the Securities and Exchange Commission (SEC) of selling the TRON and BitTorrent cryptocurrencies without proper authorization in the United States. Additionally, Sun and the TRON foundation were accused of faking trading activity for both tokens and using celebrities to promote them to unsuspecting investors.

Sun has publicly refuted the allegations and criticized the SEC for its opaque regulatory framework. He said the charges hold “no legitimacy.”