Singapore-based crypto asset (virtual currency) exchange Huobi announced on January 18 that Tron founder and CEO Justin Sun, known as a billionaire, joined the global advisory board. He acknowledged that he is not only a member of, but also heads the company.
“Under the leadership of Justin Sun, Huobi can be said to have embarked on a path to rebirth,” the company said in a release.
Sun joined Huobi’s global advisory board in October, shortly after Hong Kong investment firm About Capital Management became Huobi’s majority shareholder. But it has never been confirmed that Mr. Sun is running the company.
There were rumors in the industry at the time that Sun was behind About Capital, but a representative for Sun told CoinDesk that Sun is not the owner of the company.
Sun himself has admitted to owning tens of millions of Huobi tokens (HT). Huobi has been criticized on several fronts, including its handling of about 1,600 layoffs in January.
Huobi also addressed so-called “rat trading” concerns.
“Several accounts that were frozen for aberrant behavior were characterized by no trading during normal times. Investigations have shown that these accounts have repeatedly generated abnormal levels of profit and that profit has been withdrawn quickly.These are clearly the hallmarks of Rat Trading.” )
Huobi said it has “zero tolerance to rat trading”.
“Under the new management, Huobi will continue to conduct a thorough audit, pursue those responsible, and disclose information in a timely manner. It demonstrates Huobi’s commitment to protect it,” the release reads.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Justin Sun (CoinDesk)
｜Original: Huobi, Confirming Justin Sun as Leader, Takes Aim at ‘Rat Trading’