Sam Bankman-Fried Puts Huobi Acquisition Rumors to Bed

• FTX’s CEO posts on Twitter that FTX is not acquiring the Huobi crypto exchange.
• This follows growing speculation regarding the acquisition in the market.
• Tron’s CEO, Justin Sun, has also denied any interest in acquiring Huobi.

Sam Bankman-Fried, the CEO of the crypto exchange, FTX, said in a tweet yesterday that the company has no plans to acquire Huobi, which is one of the world’s largest crypto exchanges with a daily trading volume of $1 billion, according to data from CoinGecko.

This tweet by the CEO comes after there has been growing speculation in the market that FTX was planning to acquire the Seychelles-based Huobi exchange platform. It was also reported in mid-August that FTX had held preliminary talks with Huobi’s founder, Leon Li, to purchase a majority stake in Huobi that would be valued at approximately more than $3 billion.

It was also reported that the deal between FTX’s CEO and Huobi’s founder would be completed as soon as this month ends, and that the founder of the Tron blockchain network, Justin Sun, was interested in placing a bid on the stake. However, Sun posted on Twitter that he was not interested in placing a bid.

Since Sam Bankman-Fried confirmed that FTX was not planning on acquiring Huobi, the platform’s native currency, Huobi Token (HT), has seen its price fall by almost 4.91% over the last 24 hours, as can be seen on the crypto market tracking website, CoinMarketCap.

HT is currently trading at $4.90 at the time of writing, and has weakened in price against Bitcoin (BTC) by 7.64% as well.

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