Chinese criptocurrency founder Leon Li is in talks to sell stake for over $1 billion

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Chinese criptocurrency founder Leon Li is in talks to sell stake for over $1 billion

The founder of China's Huobi Group, which runs one of the world's largest criptocurrency exchanges, is talking with investors to sell his 60% stake in the exchange for over $1 billion, Bloomberg News reported on Friday.

The report said that Leon Li'sLi's stake sale would value Huobi between $2 billion and $3 billion and could be completed by the end of the month.

The report said that people familiar with the matter have been familiar with the matter, including Justin Sun and Sam Bankman- Fried's FTX.

A spokesman for Huobi confirmed to Bloomberg that Li was engaging with several international institutions about the sale, but declined to give specifics, while Tron's Sun told the news agency that he hasn't had any negotiations with Li about a sale.

Huobi Group, Tron and FTX did not respond immediately to Reuters requests for comment.

After Beijing introduced a blanket ban on all criptocurrencies trading and mining in the country, the Chinese group stopped new registrations of accounts by mainland China customers last year.

After a selloff in markets in May, the players of criptocurrency became a lot of trouble.

The results of Coinbase Global, which reported a larger than expected quarterly loss this week, showed that investors worried about this year's rout in risky assets shied away from trading in cryptocurrencies.