Huobi's Rebranding to HTX Sparks Controversy Amidst Similarities with Bankrupt FTX
Summary:
Cryptocurrency exchange Huobi rebrands to HTX in celebration of its 10th anniversary, drawing attention and speculation due to similarities with the bankrupt exchange FTX. The move has sparked discussions on social media, as observers question the connection. The new name, HTX, represents Huobi, Tron blockchain, and the exchange itself. Huobi changed its social media accounts to reflect the rebranding. Speculation has arisen regarding potential legal troubles, though the exchange has denied these claims.
Cryptocurrency exchange Huobi is marking its 10th anniversary with a bold marketing move, rebranding itself as "HTX," which bears similarities to the bankrupt exchange FTX. The official announcement was made on September 13, revealing the new global brand name. The name HTX is derived from the initials of Huobi, Justin Sun's Tron blockchain project, and the symbolic "X" representing the exchange. The name may also include "HT," which stands for Huobi's native token, and "X" as a tribute to the company's 10 years of operation. The firm's new slogan is "HTX, Just Trade It." Huobi changed its social media accounts to reflect the new name before the official announcement. The company's Twitter account is now HTX_Global, while its Telegram group is named HTX Global Official. The domain name still reflects the original Huobi at present. The new name has attracted attention on social media, with some questioning its connection to the now-defunct FTX exchange. The borrowing of names from troubled exchanges like FTX is not unique, as seen in the case of the proposed exchange GTX by the founders of Three Arrows Capital. Speculation has also arisen that Huobi's rebranding to HTX is due to legal troubles, although the exchange has recently denied such reports. Huobi has been responding to claims of insolvency and executive arrests by Chinese authorities, with no immediate response to Cointelegraph's request for comment.
Published At
9/13/2023 1:48:29 PM
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