Justin Sun Owns ‘Tens of Millions’ Of HT Tokens: Report
- Justin Sun, the Permanent Representative of Grenada to the World Trade Organization and founder of TRON blockchain confirmed that he holds more than “tens of millions” of Huobi Tokens (HT).
- “I would see myself as one of the biggest holders [of the Huobi Token],” said the crypto businessman in an interview with Bloomberg TV.
- Total Management Capital recently acquired Huobi crypto exchange and Sun made a huge contribution to the M&A fund, ending up as an advisor at the exchange.
Justin Sun, the founder of the Tron blockchain, one of the most used blockchains, which is known for its low gas fees and scalability features, confirmed that he holds more than “tens of millions” of Huobi Tokens (HT), the official cryptocurrency of prominent crypto exchange Huobi, which was recently acquired by About Capital Management, but it is known that Sun played an important role in the deal.
In a Bloomberg Television interview with Emily Chang on Thursday, the Tron founder said “I would see myself as one of the biggest holders” of the Huobi Token (HT) as now he holds a special advisory position with the crypto exchange following its acquision by About Capital using funds in which Justin Sun contributed as well.
Additionally, the crypto entreprenuer confirmed that he has been accumulating the said tokens since 2013 and has created a very heavy bag of HT tokens which means that he can be called a HT coin whale that holds a huge number of the said cryptocurrency. Interestingly, the price of 1 HT token at the time of writing is $7.8 and so, the price of 1 million HT would be $7.8 million while the price of tens of millions of HT would be towards the $70 million to $100 million mark.
While Justin Sun did not reveal the actual amount of HT tokens he held, it is also crucial to note that the crypto entrepreneur left the Tron blockchain recently and decided to embark on a journey far greater than blockchain developement. He took the position of Permanent Representative of Grenada to the World Trade Organization in an attempt to spread the word about blockchain.
Interesting Justin Sun owning HT tokens does not come as a surprise as he recently contributed to the M&A fund that was use to acquire the full shares of Huobi crypto exchange which ranks among the top 10 biggest crypto exchanges by spot trading volumes.
Following the acquisition by About Capital Management, the exchange will “embrace a series of new international brand promotion and business expansion initiatives, including a global strategic advisory board led by leading industry figures, the injection of sufficient capital in margin and risk provision fund, as well as measures to further enhance competitiveness.”
On the other hand, TRON has also been making huge milestones as recently the Ethereum killer was declared as the official blockchain of the Commonwealth of Dominica, which passed the Virtual Asset Business Act earlier in 2022.
“The TRON team and myself are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized financial future,”
said Justin Sun.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
