To those paying close attention, it might be instructive to see how Huobi apparently got weakened due to regulation and the bear market. It also had a founder with a majority stake. From then, it seems that the path was open for someone with a big enough bag of cash to buy this majority stake: https://www.coindesk.com/markets/2022/10/13/huobi-token-surges-75-as-justin-sun-calls-for-empowering-the-exchange-token/
Don't know any details beyond this article, but only from that it seems exactly the same as the Steem takeover.