Tron founder and Poloniex investor Justin Sun is continuing to pad his colorful crypto industry resume, this time turning his attention to once-giant Chinese crypto exchange, Huobi.
The exchange recently confirmed a long-standing rumor that Sun holds a leadership role at the company. Last year, Huobi hid Sun’s involvement behind the name of Huobi’s equity suitor, About Capital Management.
Justin Sun hopes Hong Kong will improve Huobi’s brand
Sun now has an interest in cleaning up Huobi’s reputation after the collapse of its $1 stablecoin, HUSD, which now trades below $0.14. Huobi also laid off hundreds of employees and demanded that remaining workers accept their salaries in USDT or USDC rather than fiat currency.
Worse, the company demonstrated an apparent inability to stop North Korean hackers from laundering 1,225 illegally obtained bitcoin through its platform. Those attackers then swapped the assets between different blockchains, including Sun’s Tron and BitTorrent blockchains.
To start, Sun is renewing a commitment to diversity, claiming that Huobi plans to hire more women.
Huobi is also adding additional support for Tether assets (Sun is one of Tether’s largest personal clients). In December 2022, Tether announced listings for two more tokens: Tether Gold and Euro Tether.
In addition, Sun announced that he’s moving to Hong Kong. He mentioned plans to employ Huobi and Tron workers in Hong Kong amid renewed Chinese interest in digital assets. Sun then reiterated the obvious ties between Chinese regulators and Hong Kong’s digital asset industry.
Justin Sun and Huobi seem interested in establishing closer ties between Tether and Hong Kong. Tether clients might simply need another ally or liquidity venue, and Huobi is one of the few exchanges that retain banking relationships in areas of interest to Chinese people in places like Hong Kong.