The ownership of China-based crypto exchange Huobi remains a mystery, despite the acquisition announcement made by Hong Kong-based investment firm About Capital Management (ACM) in October 2022.

It was later revealed that the true party behind the acquisition was Justin Sun, founder of TRON and Poloniex. However, Sun denies any controlling ownership, and documents acquired by Protos fail to reveal who currently holds a controlling interest in the company.

Huobi's FINCEN registration lists a new director appointed in February, Wang Shuchi, who has no digital footprint beyond directorship of shell companies and ownership of Huobi Digital Limited. Another director, Li Qi, was appointed in March of this year.