FTX has no plans to buy crypto exchange Huobi, says CEO Bankman-Fried

Quick Take

  • The CEO of FTX said that the company has no plans to buy crypto exchange Huobi.
  • FTX is among a list of investors that reportedly had “preliminary contact” with Huobi as its founder looks to sell about 60% of its shares according to Bloomberg.

FTX is not planning to acquire crypto exchange Huobi, the company's founder and CEO Sam Bankman-Fried said on Twitter.

Bankman-Fried's comment follows a recent Bloomberg article naming FTX and Tron founder Justin Sun among a list of investors that have had "preliminary contact" with Huobi as its founder Leon Li looks to sell about 60% of the company.

Li is seeking a $2 billion to $3 billion valuation for the company and has reached out to "several international institutions," according to Bloomberg.

But following the publication of that report, Bankman-Fried took to Twitter to quash the idea of his firm's involvement.

"No, we are not planning to acquire Huobi," Bankman-Fried wrote. "Apparently a lot of people are saying this."

FTX has recently sought to acquire a series of troubled crypto firms amid crypto winter. For instance, it gave financial services firm BlockFi a multi-million-dollar bailout.

FTX US, the American subsidiary of global crypto exchange FTX, also recently announced that it is acquiring Canadian crypto trading platform Bitvo.

Tron founder Sun issued a similar denial, tweeting that "[w]e have not engaged any matters related to the Bloomberg story at this moment."

Editor's Note: Updated with a Twitter response from Tron founder Justin Sun.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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