Huobi Crypto exchange completed 10 years of journey in this crypto sector but people are comparing this exchange with FTX.
Huobi Global is a Chinese crypto exchange, founded 10 years ago. In late 2021, following China’s national crackdown on the crypto sector, this exchange shifted all of its operations from Mainland China. In early this year, popular crypto entrepreneur Justin Sun purchased the majority of the stakes in Huobi Global for $1 billion but he publicly never admitted that he is the actual owner of Huobi.
On 13 Sep 2023, The Huobi Global team shared its happiness as the exchange completed 10 years of journey in this innovative sector.
Interestingly on the same day, Huobi Global changed its X (Twitter) name. As per available information, the new name of this exchange is now HTX.
Justin Sun confirmed that Huobi’s name will remain Huobi for the Chinese users and the new name will be available to the English users.
The majority of the people called this move a badass decision, as the name is similar to the FTX crypto exchange, which collapsed badly in Nov of last year.
A crypto X user said that HTX will be the next FTX which means Huobi is going to collapse in the future.
FTX exchange & Bankruptcy
FTX was the second-ranked crypto platform globally. Following the bad market situation, the financial position of this exchange struggled badly and secondly, the FTX co-founder & ex-CEO Sam Bankman-Fried (SBF) miused the FTX customer’s money for personal benefits & political donations.
Following a report by the Coindesk media, people came to know about FTX’s bad financial position. Under the panic situation, the majority of the FTX customers started withdrawing funds & after a few hours the exchange was not able to give withdrawal of the funds to the customers, so suspended fund withdrawal services.
On 11 Nov 2022, The FTX team filed for bankruptcy under Chapter 11 code in a US bankruptcy court, along with 120+ subsidiaries.