Huobi founder plans to sell his stake

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President and founder of the Huobi cryptocurrency exchange Li Ling, who ownswith a controlling stake of more than 50% of the shares, wants to leave the company and sell his share.

According to journalist Colin Wu, the main reason for Li Lin's decision is a sharp drop in revenue after the removal of all Chinese users and the dismissal of staff that the exchange faced.Sequoia China, Huobi's second-largest shareholder, has not yet responded to Lin's intentions.

It should be noted that Huobi closed 2021 with a profit of more than $1 billion.This is the second result in the world after Binance.However, Wu believes that the recession of the cryptocurrency market will not allowLin will sell Huobi shares at the maximum value, despite the successful 2021 fiscal year and the presence of many regulatory licenses for compliance.

The sale and acquisition of companies facing financial problems and a liquidity crisis has become a sad trend in the current state of the cryptocurrency industry.For example, the FTX exchange plans to conclude a deal to buy the BlockFi digital asset platform at a large discount - for only $25 million with a market valuation of the company at $3 billion.