Hong Kong Crypto Platform Hbit's $18.1M Stuck in FTX

In an announcement to shareholders on Monday, New Huo Technology Holdings Limited, said regarding its subsidiary, that $13.2 million of the money belonged to clients, while, $4.9 million were Hbit assets.

AccessTimeIconNov 14, 2022 at 11:48 a.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
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Hong Kong-based digital asset platform Hbit Limited is unable to withdraw $18.1 million worth of cryptocurrencies deposited in the now bankrupt FTX.

In an announcement to shareholders on Monday, New Huo Technology Holdings Limited, said regarding its subsidiary, that $13.2 million of the money belonged to clients from trading requests, while, $4.9 million were Hbit assets.

"As FTX group entities, including FTX, has filed for bankruptcy protection in the United States on 11 November 2022, the cryptocurrency assets may not.. be withdrawn from FTX," the statement read.

The collapse of the FTX crypto exchange has sent shockwaves across the crypto industry. FTX's trouble has caused the crypto market to tumble and the crypto community to worry about how the entire industry will be impacted. Crypto exchange Crypto.com said it had a $10 million exposure to FTX and Genesis, a trading firm, said it had $175 million in locked funds in its FTX trading account, plus many others have reported having exposure to FTX.

CORRECTION (No. 29, 11:13 UTC): Corrects name of company New Huo Technology Holdings Limited.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.


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