Chinese crypto exchange Huobi Global officially announced on Oct. 8 that the company’s founder and previous main shareholder Li Lin had sold his entire stake to About Capital Management, which in turn becomes the exchange’s controlling shareholder. Blockchain-focused media site WuBlockchain said that Li’s reluctance to leave China due to his being investigated by police in 2020, and a business model that had become unsustainable, prompted the sale of what was once one of the most popular crypto exchanges in the world. Chinese regulators announced a total ban on crypto transactions and mining in the country last September, a move that led to crypto exchanges such as Huobi and Binance indicating that they would clear their platforms of mainland Chinese users by the end of 2021. [Huobi Global; WuBlockchain]
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