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Cryptocurrency alternate Huobi is celebrating its tenth anniversary with a controversial advertising and marketing transfer — the agency is rebranding from “Huobi” to “HTX,” echoing the title of the bankrupt alternate FTX.
Huobi formally announced its rebranding on Sept. 13, renaming the corporate to the brand new international model, HTX. The brand new naming stands for the primary letters of Huobi, Justin Solar’s blockchain venture Tron and “X,” which symbolizes the alternate.
One other interpretation of the HTX title might also 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 tenth 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 named HTX International Official. Huobi’s area nonetheless displays the unique Huobi title on the time of writing.
The brand new title of Huobi has rapidly 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 alternate whose founder Sam Bankman-Fried is now facing a total of 13 charges relating to 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 purported 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 just isn’t 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, announced a plan to boost $25 million for a proposed crypto alternate referred to as GTX. Per their pitch deck, “as a result of G comes after F,” pun supposed with the bankrupt crypto alternate FTX.
Associated: Elon Musk to rebrand Twitter to X, but Crypto Twitter has other ideas
Some cryptocurrency observers additionally argued that Huobi was renamed to HTX “after stepping into authorized bother.” It seems to be unclear what authorized troubles had been implied because the alternate has been denying any points just lately. Huobi specifically denied reports suggesting that the agency was near insolvency and likewise had a few of its senior executives arrested by Chinese language police in early August.
Beforehand, Huobi International was additionally ordered to close its operations in Malaysia following an enforcement motion from the nation’s securities regulator in Might 2023.
Huobi didn’t instantly reply to Cointelegraph’s request to remark.
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