Cryptocurrency exchange Huobi is making headlines with its controversial rebranding move. In celebration of its 10th anniversary, the exchange is changing its name from “Huobi” to “HTX.” This new name bears a striking resemblance to the bankrupt exchange FTX, which has stirred up some controversy in the crypto community.
The announcement of the rebranding was made by Huobi on September 13th. According to the exchange, the “H” in HTX represents the first letter of Huobi, the “T” represents Justin Sun’s blockchain project Tron, and the “X” represents the exchange itself. Another interpretation suggests that “HT” represents Huobi’s native token (HT), while “X” symbolizes the Roman numeral for 10, paying homage to the company’s 10th anniversary. The exchange’s new slogan is “HTX, Just Trade It.”
In anticipation of the official announcement, Huobi changed its social media account names to reflect the new branding. The exchange’s Twitter handle, previously “X,” is now HTX_Global, and its official Telegram group is now “HTXglobalofficial.” However, the website domain still retains the original Huobi name at the time of writing.
The similarity between HTX and FTX has not gone unnoticed by social media users. Many have expressed their concerns and confusion about the choice of name, considering the collapse of FTX in 2022 and its founder, Sam Bankman-Fried, facing multiple fraud charges. One user on social media wrote, “What’s up with Huobi becoming HTX? I think it’s giving me FTX vibes.” Another user argued, “Is this supposed to be a joke? FTX to HTX? That’s the first thing everyone will think.”
Interestingly, Huobi is not the only company to borrow elements from FTX for their rebranding. Earlier this year, the founders of the collapsed cryptocurrency hedge fund Three Arrows Capital announced plans to raise funds for a proposed crypto exchange called GTX, using the rationale that “G comes after F,” in reference to FTX’s bankruptcy.
Some observers have raised speculation that Huobi’s rebranding may be a result of legal trouble, though it remains unclear what specific issues are being referred to. The exchange has previously denied reports suggesting insolvency and arrests of senior executives. In May 2023, Huobi Global was ordered to shut down its operations in Malaysia following regulatory enforcement action by the country’s securities regulator.
Huobi has not yet responded to requests for comment on the rebranding. As the news continues to circulate, the crypto community eagerly waits to see how this move will impact the exchange and its future.
(Source: [X](https://x.com/lord_crypto4/status/1701923091503354042?s=20), [X](https://x.com/Ryan394729/status/1701923846662615184?s=20))
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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