Huobi confirmOn Thursday, Tron founder and CEO Justin Sun, and one of the richest people in crypto, is no longer just a member of the Global Advisory Board, but the exchange’s leader.
“Under Justin Sun’s leadership, Huobi could be said to have embarked on a path of rebirth,” the blog post reads.
Sun joined the Global Advisory Board in October. It came shortly after Hong Kong-based investment firm About Capital Management became a shareholder of Huobi, but it was not previously confirmed that Sun was leading the exchange.
This led to rumors in the industry that Sun might be a shadow investor behind About Capital, but a representative for Sun confirmed at the time that he was not the owner of the firm.
Recently, Huobi has come under scrutiny on several fronts, including how it laid off about 1,600 workers in January.
The exchange also raised concerns about cryptocurrencies. front-running which conceals trading in large transactions that are not publicly known as “Multiple accounts have been suspended due to anomalous behavior,” according to the statement. “However, These accounts frequently trade new tokens and Huobi tokens. while moving assets in and out quickly. Investigations have shown that these accounts have generated unusual levels of profit on several occasions. and the profit was quickly withdrawn which is characteristic of front-running clearly.”
“Under the new management, Huobi will continue to conduct in-depth investigations. and will release information in a timely manner,” according to the statement. Resolutely and consistently demonstrate Huobi’s commitment to protecting the interests of employees and users.”
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