Cryptocurrency exchange Huobi is celebrating its 10th anniversary with a controversial marketing move: the company is changing its name from "Huobi" to "HTX," echoing the name of the bankrupt exchange FTX.
Huobi officially Announced its rebrand on September 13, changing the company name to the new global brand, HTX. The new name represents the first letters of Huobi, Justin Sun's blockchain project Tron, and "X," which symbolizes the exchange.
Another interpretation of the name HTX may also include "HT", which stands for Huobi's native token, Huobi (HT). X can be interpreted as the Roman numeral 10, which pays tribute to the company's 10th anniversary. The firm's new motto is: "HTX, Just Trade It."
Before officially announcing the news, Huobi changed the name of its social media accounts to reflect the new name. Huobi's X account (formerly Twitter) is now called HTX_Global, while his official Telegram group is called called HTX Global Official. The Huobi domain still reflects the original Huobi name at the time of writing.
Huobi's new name quickly generated some attention on social media. Many have questioned whether the new name has anything to do with FTX, the now-defunct exchange whose founder Sam Bankman-Frito is He now faces a total of 13 fraud-related charges..
“What about Huobi becoming HTX? I think he’s giving me FTX vibes,” a cryptocurrency watcher. wrote in X.
"Is this supposed to be a joke? FTX to HTX? That's the first thing everyone will think," another X user argued, expressing confusion over why a brand would have taken that name after The collapse of FTX in 2022.
However, Huobi is not the first company to borrow a portion of its name from the troubled FTX. In January 2023, the founders of the collapsed cryptocurrency hedge fund, Three Arrows Capital, or 3AC, Announced a plan to raise $25 million for a proposed crypto exchange called GTX. According to his presentation, “because G comes after F,” a pun on the bankrupt crypto exchange FTX.
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Some cryptocurrency observers also argued that Huobi was renamed HTX "after getting into legal trouble." It seems unclear what legal issues were involved, as the exchange has denied any issues recently. Huobi specifically denied the reports suggesting that the company was on the verge of insolvency and that Chinese police also arrested some of its senior executives in early August.
Previously, Huobi Global was also ordered to close its operations in Malaysia following an enforcement action by the country's securities regulator in May 2023.
Huobi did not immediately respond to Cointelegraph's request for comment.
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