Huobi’s new name, HTX, raises community eyebrows

Cryptocurrency speech Huobi is celebrating its 10th day with a arguable selling determination — the steadfast is rebranding from “Huobi” to “HTX,” echoing the sanction of bankrupt speech FTX.

Huobi announced the rebranding connected Sept. 13. “H” represents the archetypal missive of Huobi, “T” represents Justin Sun’s blockchain task Tron, and “X” represents the exchange.

Another mentation is that “HT” represents the exchange’s autochthonal Huobi Token (HT), portion “X” is the Roman numeral for 10, which pays tribute to the company’s 10th anniversary. The firm‘s caller slogan is: “HTX, Just Trade It.”

Before officially announcing the news, Huobi renamed its societal media accounts to bespeak the caller name. The exchange's X (formerly Twitter) grip is present HTX_Global, portion its authoritative Telegram radical is "HTXglobalofficial.” HTX's website domain inactive reflects the archetypal Huobi sanction astatine the clip of writing.

Huobi's caller sanction rapidly gathered attraction connected societal media, with galore questioning the similarity to FTX, the now-defunct speech whose founder, Sam Bankman-Fried, is facing 13 charges relating to fraud.

“What's up with Huobi becoming HTX? I deliberation it's giving maine FTX vibes,” 1 cryptocurrency perceiver wrote connected X.

“Is this expected to beryllium a joke? FTX to HTX? That's the archetypal happening everyone volition think,” different X idiosyncratic argued, expressing disorder arsenic to wherefore a marque would person taken specified a sanction aft FTX’s illness successful 2022.

Community feedback regarding Huobi's caller name. Source: X 

Huobi is not the archetypal institution to perchance get a portion of its sanction from the troubled FTX, however. In January 2023, the founders of collapsed cryptocurrency hedge money Three Arrows Capital announced a program to rise $25 cardinal for a proposed crypto speech called GTX. Per its transportation deck, the sanction is due to the fact that “because G comes aft F” — a play connected FTX's bankruptsy.

Related: Elon Musk to rebrand Twitter to X, but Crypto Twitter has different ideas

Some cryptocurrency observers besides argued that Huobi was rebranded “after getting into ineligible trouble.” It's unclear what ineligible troubles were implied, arsenic the speech has been denying that it's facing immoderate issues. In aboriginal August, it denied reports suggesting it was close to insolvency and besides had immoderate of its elder executives arrested by Chinese constabulary successful aboriginal August.

Previously, Huobi Global was besides ordered to close its operations successful Malaysia pursuing an enforcement enactment from the country’s securities regulator successful May 2023.

Huobi did not instantly respond to Cointelegraph’s petition to comment.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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