Cryptocurrency exchange Huobi has made a surprising announcement, marking its 10th anniversary with a rebrand from “Huobi” to “HTX.” This move has stirred controversy and raised eyebrows within the crypto community, with some drawing comparisons to the now-defunct exchange FTX.
Symbolic Significance of “HTX”
The rebranding, unveiled on September 13, carries symbolic meanings. The “H” in HTX stands for Huobi’s initial letter, while “T” represents Justin Sun’s blockchain project, Tron. The “X” signifies the exchange itself. Alternatively, it’s suggested that “HT” signifies the exchange’s native token, Huobi Token (HT), and “X” represents the Roman numeral for 10, commemorating the company’s 10-year journey. Huobi’s new slogan echoes Nike’s famous phrase: “HTX, Just Trade It.”
Social Media Buzz and FTX Comparisons
Prior to the official announcement, Huobi changed its social media account names to reflect the rebrand. Notably, the exchange’s Twitter handle became HTX_Global, and its official Telegram group adopted the name “HTXglobalofficial.” However, as of now, the website domain still retains the original “Huobi” name.
The rebrand quickly sparked conversations on social media, with many drawing parallels to FTX, a defunct exchange facing fraud-related charges. Critics questioned the choice of “HTX,” citing its similarity to FTX and expressing confusion over why Huobi would adopt such a name after FTX’s collapse in 2022.
Huobi’s Response and Legal Rumors
While some speculated that Huobi’s rebranding might be linked to undisclosed legal troubles, the exchange has consistently denied such allegations. In August, it refuted reports suggesting insolvency and the arrest of senior executives by Chinese authorities. However, it’s worth noting that in May 2023, Huobi Global was directed to cease its operations in Malaysia following regulatory action by the country’s securities regulator.
Huobi is not the only entity to seemingly borrow from FTX’s legacy. In January 2023, the founders of the collapsed cryptocurrency hedge fund, Three Arrows Capital, announced plans to raise funds for a proposed crypto exchange named GTX. Their reasoning? A playful nod to FTX, implying that “G comes after F.”