Justin Sun, who no longer holds Chinese citizenship, has been setting up businesses in Hong Kong under his identity from St. Kitts and Nevis, while keeping his ownership of Huobi at a distance. He previously used his Chinese passport to establish companies, but has since relied on his Caribbean identity.

He has recently established companies such as 'Love Letters Limited,' 'Objectivists Limited,' and 'Only Fountainhead Limited,' but their purpose is unclear. The former founders of Huobi are threatening legal action against the Sun-controlled entity, claiming that the continued use of the name violates an agreement made when it was purchased from them.