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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.
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.
STORY CONTINUES BELOW
"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 be withdrawn from FTX," the statement read.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.
Read more: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet
CORRECTION (No. 29, 11:13 UTC): Corrects name of company New Huo Technology Holdings Limited.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
