Cryptocurrency exchange Huobi has decided to mark its 10th anniversary with a somewhat controversial rebrand, changing its name from "Huobi" to "HTX." This rebranding move has raised eyebrows as it appears to bear a resemblance to the now-bankrupt exchange FTX.
On September 13, Huobi unveiled its new name, where "H" stands for Huobi, "T" for Tron (a blockchain project by Justin Sun), and "X" for exchange. Another interpretation is that "HT" represents Huobi Token ( HT), the exchange's native token, and "X" serves as a Roman numeral 10, signifying its 10th anniversary. The company's fresh slogan is "HTX, Just Trade It."
Ahead of the formal announcement, Huobi modified its social media profiles to reflect the new name. Its X (formerly Twitter) handle now reads HTX_Global, and its official Telegram group is "HTXglobalofficial." As of the time of writing, the website domain name still retains the original "Huobi" moniker. The resemblance of the new name to the now-defunct FTX exchange has sparked discussions on social media, with some questioning the choice given FTX's founder, Sam Bankman-Fried, faced 13 fraud-related charges.
However, this isn't the first instance of a company drawing inspiration from FTX's troubles. In January 2023, the founder of the defunct cryptocurrency hedge fund Three Arrows Capital proposed a cryptocurrency exchange called GTX. According to its promotional materials, the name was chosen as a jest referencing FTX's bankruptcy. Speculation among cryptocurrency enthusiasts has also emerged, suggesting that Huobi may be rebranding due to legal issues. The details of these alleged legal troubles remain unclear, as the exchange has consistently denied any such problems. Back in August, Huobi refuted reports claiming it was on the brink of bankruptcy and that Chinese authorities had arrested some of its top executives. Additionally,Huobi Global was ordered to cease its operations in Malaysia in May 2023 following regulatory action by Malaysian authorities.
