Huobi Token (HT) posted a 64% gain, rising from a local low of $3.70 on November 13th to a press price of $6.06.
Following the runaway at FTX that culminated in its Chapter 11 bankruptcy filing, crypto token prices have had a rough time in recent weeks.
But as the industry tries to move on from the scandal, the buds of recovery are emerging. HT is he one of such products.
earlier this week, Hard recently unveiled a rebrand and a new global expansion roadmap.
Founder, October 8 Leon Lee It has announced that it will sell all controlling interest in the exchange to Hong Kong-based About Capital Management.
As part of the reform, Huobi’s press release dated Nov. 22 laid out a new direction for the exchange. It rebranded the company and Unleash the full power of HT’s key strategic attributes. “
The press release added that Huobi will utilize HT to add a way for owners to vote for “high-quality projects” listed on the platform.
A change of direction increases presence caribbean It was established to take advantage of favorable cryptocurrency regulations and the widely spoken English in the region.
Additionally, Huobi said it will increase investments in areas with strong growth potential, including Southeast Asia and Europe. We are also considering options regarding mergers and acquisitions.
Does Justin Sun own Huobi?
After Huobi was sold to About Capital Management, rumors swirled that TRON founder Justin Sun and former FTX (now) CEO Sam Bankman-Fried were involved.
Both companies have denied any involvement in the acquisition. However, in response to rumors, Sun has revealed that he is a member of Huobi’s newly formed Global Advisory Board.
not yet involved https://t.co/fiIyxTVEiq
—SBF (@SBF_FTX) October 10, 2022
Journalist Colin Wu now believes that the Sun-owned Poloniex exchange could merge with Huobi. This point is more relevant given the points made in Huobi’s previous press release regarding merger and acquisition investigations.
The Poloniex exchange, which Justin Sun acquired from Circle in 2019, is set to merge with his recently acquired Huobi exchange, according to a source familiar with the matter. According to Coingecko, his daily spot trading volume on Poloniex is only 1/10th of his on Huobi.Exclusive
— Wu Blockchain (@WuBlockchain) November 25, 2022