Founder of Huobi Group in Talks to Sell Nearly $1B Company Stake

Bloomberg reports that the sale of the founder of Huobi Group's controlling interest in the cryptocurrency exchange may be the biggest takeover in the sector since the start of a $2 trillion global crypto crisis.

Chinese crypto-mogul has already gotten in touch with FTX, run by crypto-billionaire Sam Bankman-Fried and Tron founder Justin Sin, regarding a share transfer.

Huobi, which was co-founded in 2013 by Li, a former programmer for Oracle Corp., was once the busiest bitcoin trading platform worldwide, notably in China.

However, as China prohibited cryptocurrency transactions last year, it had to start expanding into foreign markets. Since then, it has faced tougher competition from companies like FTX and Binance.

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