Sam Bankman-Fried Denies Reports that FTX Plans to Buy Huobi Global

Sam Bankman-Fried has denied rumors making rounds that his cryptocurrency exchange is engaging in talks to acquire Huobi Global.

Sam Bankman-Fried Denies Reports of FTX Plan to Buy Huobi Global

Sam Bankman-Fried, the founder and CEO of FTX, has denied rumors that his cryptocurrency exchange is engaging in talks to acquire Huobi Global.

FTX Will Not Buy Huobi Global

Two weeks ago, we reported that Leon Li, the founder of Huobi Global, was seeking to sell a 60% stake in the company due to growing financial difficulties. The deal would value the company at $3 billion. 

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Early speculations linked Bankman-Fried’s FTX, which has already extended financial lifelines to several troubled crypto companies in the past few months including exchange BlockFi and lender Voyager Digital.

However, the crypto billionaire has announced via Twitter that his company wasn’t planning to buy the exchange. Bankman-Fried wrote on Twitter:

Sun Not Also Denies Interest

Justin Sun, founder of the Tron blockchain network, the other party earlier reported to be interested in bidding on the Huobi stake, denied any interest in a tweet. 

However, Huobi Global, one of the world’s largest crypto exchanges, with a daily trading volume of over $1 billion, is looking to close the deal as early as the end of August. If a buyer was found at its purported valuation, it would be one of the largest crypto deals of the year.

  • In July, FTX offered to buy the now bankrupt lender Voyager Digital, but was rejected for being a “low ball bid.”

Why You Should Care

Despite recording one of the biggest revenues in the first half of the year, the prolonged market downturn is predicted to affect the third quarter earnings of FTX.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia