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Cryptocurrency trade Huobi is celebrating its 10th anniversary with a controversial advertising transfer — the agency is rebranding from “Huobi” to “HTX,” echoing the title of the bankrupt trade FTX.
Huobi formally introduced its rebranding on Sept. 13, renaming the corporate to the brand new world model, HTX. The brand new naming stands for the primary letters of Huobi, Justin Solar’s blockchain challenge Tron and “X,” which symbolizes the trade.
One other interpretation of the HTX title may embrace “HT,” which stands for Huobi’s native token Huobi (HT). X could also be interpreted because the Roman numeral for 10, which pays tributes to the corporate’s 10th anniversary. The brand new slogan of the agency is: “HTX, Simply Commerce It.”
Earlier than formally saying the information, Huobi renamed its social media accounts to replicate the brand new title. Huobi’s X account (previously Twitter) is now named HTX_Global, whereas its official Telegram group is called HTX World Official. Huobi’s area nonetheless displays the unique Huobi title on the time of writing.
The brand new title of Huobi has shortly triggered some consideration on social media. Many have questioned whether or not the brand new title has something to do with FTX, the now-defunct trade whose founder Sam Bankman-Fried is now going through a complete of 13 prices regarding fraud.
“What’s up with Huobi changing into HTX? I feel it is giving me FTX vibes,” one cryptocurrency observer wrote on X.
“Is that this speculated to be a joke? FTX to HTX? That is the very first thing everybody will suppose,” one other X person argued, expressing confusion why a model would have taken such a reputation after FTX’s collapse in 2022.
Huobi shouldn’t be the primary firm to borrow part of its title from the troubled FTX although. In January 2023, the founders of the collapsed cryptocurrency hedge fund, Three Arrows Capital, or 3AC, introduced a plan to boost $25 million for a proposed crypto trade referred to as GTX. Per their pitch deck, “as a result of G comes after F,” pun meant with the bankrupt crypto trade FTX.
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Some cryptocurrency observers additionally argued that Huobi was renamed to HTX “after entering into authorized bother.” It seems to be unclear what authorized troubles have been implied because the trade has been denying any points just lately. Huobi particularly denied stories suggesting that the agency was near insolvency and in addition had a few of its senior executives arrested by Chinese language police in early August.
Beforehand, Huobi World was additionally ordered to shut its operations in Malaysia following an enforcement motion from the nation’s securities regulator in Could 2023.
Huobi didn’t instantly reply to Cointelegraph’s request to remark.
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