Report: Huobi founder is looking to sell his stake and exit the company
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Answer Report: Huobi founder is looking to sell his stake and exit the company
claim a report Talk that Li Lin aims to exit the company he helped found years ago.
CEO Lee owns a majority stake in Huobi, with more than 50%.
A well-known Twitter account on the “Wu Blockchain” cryptocurrency reported that Lee decided to liquidate his largest stake in the cryptocurrency exchange, stating that he currently owns more than 50% of the shares.
Huobi is among the largest cryptocurrency exchanges and has held a good position in the top three in terms of volume and user base until recently.
He told Wu Blockchain that Huobi was the second most profitable trading platform last year, with profits of more than $1 billion.
But the company faced severe problems and regulations last year by the Chinese government, which severely damaged its revenues.
Market-wide corrections in the past eight months haven’t helped.
Huobi joined other digital currency exchange platforms, such as Coinbase, CryptoCom and Bybit, and said it would lay off a large part of its employees.
According to Wu Blockchain, the Sequoia Chinese subsidiary is the second largest shareholder in the company after Li Lin.
Soon after the Wu Blockchain report on Twitter, the crypto community began speculating who could go up and take Li Lin’s stake in Huobi.
Some followers, which seems to be more of a joke than a joke, have told the fact that FTX CEO Sam Bankman Fried will be the first to choose to participate in the company, given the recent shopping spree that he and his company started in which he acquired several companies in the field of crito and blockchain.
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