Renaming to HTX: Huobi’s New Moniker Sparks Community Speculation

Celebrating its 10th anniversary, cryptocurrency exchange Huobi has embarked on a bold marketing move, undergoing a rebranding that transforms its name from “Huobi” to “HTX,” a move that has drawn comparisons to the now-defunct exchange, FTX.

The announcement of this rebranding came on September 13th, with the letter “H” symbolizing the initial letter of Huobi, “T” representing Justin Sun’s blockchain project Tron, and “X” signifying the exchange itself. Another interpretation suggests that “HT” represents Huobi’s native token, Huobi Token (HT), while “X” serves as a nod to the Roman numeral for 10, commemorating the exchange’s decade-long journey. The new slogan adopted by the firm is “HTX, Just Trade It.”

To preempt the formal announcement, Huobi altered its social media handles to align with the new name. The exchange’s Twitter handle has now become HTX_Global, and its official Telegram group is now known as “HTXglobalofficial.” As of the time of writing, the website domain still reflects the original Huobi name.

The rebranding decision quickly made waves on social media, where many noted the uncanny similarity to FTX, the defunct exchange whose founder, Sam Bankman-Fried, faces 13 charges related to fraud.

“Is Huobi becoming HTX some sort of joke? It feels too close to FTX,” one cryptocurrency observer expressed on social media.

Another user on X raised questions about the choice of name, given FTX’s collapse in 2022, saying, “Is this supposed to be a joke? FTX to HTX? That’s the first thing everyone will think.”

It’s worth noting that Huobi isn’t the first entity to seemingly borrow part of its name from FTX. In January 2023, the founders of the collapsed cryptocurrency hedge fund Three Arrows Capital announced plans to raise $25 million for a proposed crypto exchange named GTX. They explained that the name was chosen because “G comes after F,” making it a play on FTX’s bankruptcy.

Additionally, some cryptocurrency observers speculated that Huobi’s rebranding could be linked to legal issues, although it’s unclear what specific troubles were implied. The exchange has consistently denied any problems. In early August, it refuted reports suggesting it was nearing insolvency and that Chinese authorities had arrested some senior executives.

Previously, Huobi Global had been instructed to cease its operations in Malaysia following enforcement action by the country’s securities regulator in May 2023.

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