Huobi founder plans to sell his stake

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The president and founder of the Huobi cryptocurrency exchange, Li Ling, who owns a controlling stake of more than 50% of the shares, wants to leave the company and sell his stake.

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According to journalist Colin Wu, the main reason for this decision by Li Lin is the sharp drop in revenue after the removal of all Chinese users and staff layoffs that the exchange faced. Sequoia China, Huobi’s second largest shareholder, has yet to respond to Lin’s intentions.

Note that Huobi closed 2021 with a profit of more than $1 billion. This is the second result in the world after Binance. However, Wu believes that the cryptocurrency market recession will not allow Lin to sell Huobi shares at the maximum value, despite a successful fiscal year 2021 and the presence of many regulatory compliance licenses.

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The sale and acquisition of companies facing financial problems and a liquidity crisis has become a sad trend in the current state of the cryptocurrency industry. Thus, the FTX exchange plans to complete a deal to purchase the BlockFi digital asset platform at a big discount – for only $25 million, with a market valuation of the company at $3 billion.

Source: Bits

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