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New Huo Technology system gets $14M loan from ex-Huobi CEO Leon Li to cover customer funds stuck on FTX

New Huo Technology unit gets $14M loan from ex-Huobi CEO Leon Li to cover client funds stuck on FTX New Huo Technology system gets $14 M loan from ex-Huobi CEO Leon Li to cover customer funds stuck on FTX Monika Ghosh · 3 hours earlier · 1 minutes read

Hbit Limited, a subsidiary of New Huo Technology, has around $181 million locked on FTX– $132 countless which comes from consumers.

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Updated: November 14, 2022 at 10: 42 am

New Huo Technology unit gets $14M loan from ex-Huobi CEO Leon Li to cover client funds stuck on FTX

Cover art/illustration through CryptoSlate

Hbit Limited, a completely owned subsidiary of New Huo Technology, has around $181 million worth of possessions stuck on FTX, which declared insolvency recently, according to Nov. 14 news release

Huobi Technology, which utilized to be an affiliate of Huobi Global prior to Justin Sun got the exchange, was rebranded New Huo Technology in October.

Around $132 countless the locked possessions come from users, while the staying $4.9 million comes from the New Huo Technology itself, journalism release kept in mind.

New Huo Technology will utilize a legal consultant and continue to deal with FTX to recuperate the locked funds, according to journalism release. The board stated the funds stuck on FTX do not “impact the typical company operations of the Group,” given that the subsidiary is a different legal entity.

However, the board cautioned that the “monetary efficiency of the Group may be materially and negatively impacted” if the funds are not recuperated.

On Nov. 13, Huobi creator and previous CEO Leon Li, who owns a 53.37% stake in the company, used to tide things over in the meantime. As a non-executive director of New Huo Technology, Li used an unsecured non-interest-bearing loan of $14 million to assist cover user property liabilities

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