- Huobi rebrands to “HTX” on its 10th anniversary, with controversial similarities to the defunct exchange FTX.
- The new name “HTX” is interpreted as a combination of “Huobi Token” (HT) and “X,” the Roman numeral for 10, and has sparked criticism for its resemblance to FTX.
- Some speculate that Huobi’s rebranding is related to legal troubles, although the exchange has denied facing any issues.
Crypto exchange Huobi is marking its tenth anniversary with a controversial marketing move: the company is rebranding from “Huobi” to “HTX,” mirroring the defunct exchange FTX.
On September 13, Huobi announced the rebranding. “H” stands for Huobi’s first letter, “T” stands for Justin Sun’s blockchain project Tron, and “X” stands for the exchange.
Another explanation is that “HT” signifies the exchange’s native Huobi Token (HT), and “X” is the Roman numeral for 10 in honor of the company’s tenth anniversary. The company’s new slogan is “HTX, Just Trade It.”
Huobi updated its social media accounts to reflect the new name before publicly announcing it. The exchange’s X (previously Twitter) account has been changed to HTX_Global, and its official Telegram group has been renamed “HTXglobalofficial.” However, the website domain still reflects the original Huobi name at the time of writing.
Huobi’s new moniker drew immediate notice on social media, with many questioning the resemblance to FTX, the now-defunct exchange whose founder, Sam Bankman-Fried, is facing 13 fraud charges.
“What’s the deal with Huobi becoming HTX?” “I’m getting FTX vibes,” one crypto observer commented on X.
“Is this supposed to be a joke?” FTX to HTX? That’s the first thing everyone would think,” another X user said, perplexed as to why a brand would have chosen such a name following FTX’s demise in 2022.
Huobi is not the only startup to appear to have borrowed a portion of its name from the struggling FTX. The owners of the defunct cryptocurrency hedge firm Three Arrows Capital revealed a plan to gather $25 million for a prospective cryptocurrency exchange named GTX in January 2023. According to its pitch deck, the name is “because G comes after F” – a reference to FTX’s bankruptcy.
Some Bitcoin experts also claimed that Huobi changed its name “after getting into legal trouble.” It’s unclear what legal issues were mentioned, as the exchange has denied any problems. In early August, it denied allegations that it was on the verge of bankruptcy and that Chinese authorities had detained some of its top executives.
Huobi Global was forced to close its business in Malaysia in May 2023 as a result of an enforcement action taken by the country’s securities authority.
