Huobi, a cryptocurrency exchange, is celebrating its 10-year anniversary but has drawn criticism for a recent advertising campaign.
Huobi, a cryptocurrency exchange, is celebrating its 10-year anniversary but has drawn criticism for a recent advertising campaign. Since Huobi was so similar to the defunct FTX exchange, it was rebranded and renamed HTX. Which is why the market is now unstable. Huobi first mentioned the name change on September 13.
Huobi (H), Tron (T), and X (Xchange) stand for Huobi, Huobi’s blockchain project, and Justin Sun’s Tron. The Huobi Token (HT) is the native cryptocurrency of the Huobi Exchange, and the “X” is the Roman numeral for 10, honoring the company’s 10-year anniversary.
“HTX, Just Trade It” is the new tagline for the business. Huobi changed the names of its social media profiles to match the new brand before making the change public. HTX_Global is the new X handle for the exchange, and “HTXglobalofficial” is the name of the official Telegram group.
Huobi’s rebranding effort garnered instant online buzz. Many raised concerns about the apparent similarities to FTX, the defunct exchange whose creator, Sam Bankman-Fried, is now being prosecuted on 12 counts of fraud.
As a result, the conversation was subjected to a wide variety of puns including the new moniker. As a result of legal issues, several cryptocurrency specialists claim, Huobi rebranded.
Early in the month of August, rumors circulated that Huobi was close to bankruptcy and that Chinese authorities had detained some of its top executives. Huobi is not the first corporation to share a name with FTX. Three Arrows Capital, a cryptocurrency hedge fund, said in January 2023 that it would seek funding of $25 million to develop a cryptocurrency exchange they were calling GTX.
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