Huobi, one of the world's biggest crypto exchanges, has reportedly been acquired by Tron founder Justin Sun.

The deal was worth around $1 billion and Sun himself was present at the exchange's delivery site in Singapore on Oct. 8 when its shares were transferred, Chinese journalist Colin Wu said in a report on WuBlockchain. FTX CEO Sam Bankman-Fried has reportedly helped Sun with the acquisition.

"Justin Sun responded to WuBlockchain that he 'didn't participate.' But then Justin Sun's official social media announced that he has become a global advisor to Huobi. The advisors include Chen Yihua, founder of About Capital, Du Jun, Justin Sun, Vice President of Hong Kong University of Science and Technology Wang Yang and Valkyrle Leah​ Wald," said Wu.

Interestingly, Huobi confirmed last Friday it had sold off its entire shareholding to the buyout vehicle managed by About Capital Management, adding that the core operations will function under the new leadership.

However, Huobi is set to "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," it announced.

Sun, who is the founder of the Ethereum-killer Tron blockchain, is reportedly the M&A fund's core investor and is now a global advisor to Huobi. Wu claimed that Bankman-Fried is supporting Sun in the purchase but the latter has refuted the rumors.

The report also pointed out that Sun appeared beside Huobi for the first time at the TOKEN2049 conference held in Singapore in late September. "Before that, Justin Sun and FTX CFO often communicated together in Singapore to acquire Huobi," Wu added.

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