Cryptocurrency exchange Huobi is celebrating its 10th anniversary with a controversial marketing move — the firm is rebranding from “Huobi” to “HTX,” echoing bankrupt exchange FTX.
Huobi announced the rebranding on Sept. 13. “H” represents the first letter of Huobi, “T” represents Justin Sun’s blockchain project Tron, and “X” represents the exchange.
Another interpretation is that “HT” represents the exchange’s native Huobi Token (HT), while “X” is the Roman numeral for 10, which pays tribute to the company’s 10th anniversary. The firm‘s new slogan is: “HTX, Just Trade It.”
Before officially announcing the news, Huobi renamed its social media accounts to reflect the new name. The exchange’s X (formerly Twitter) handle is now HTX_Global, while its official Telegram group is “HTXglobalofficial.” Its website domain still reflects the original Huobi name at the time of writing.
Huobi’s new name quickly gathered attention on social media, with many questioning the similarity to FTX, the now-defunct exchange whose founder, Sam Bankman-Fried, is facing 13 charges relating to fraud.
“What's up with Huobi becoming HTX? I think it’s giving me FTX vibes,” one cryptocurrency observer wrote on X.
Huobi is not the first company to seemingly borrow a part of its name from the troubled FTX, however. In January 2023, the founders of collapsed cryptocurrency hedge fund Three Arrows Capital announced a plan to raise $25 million for a proposed crypto exchange called GTX. Per its pitch deck, the name is “because G comes after F” — a play on FTX’s bankruptcy.
The DAPTake
Huobi is not the first company to seemingly borrow a part of its name from the troubled FTX. In January 2023, the founders of collapsed cryptocurrency hedge fund Three Arrows Capital announced a plan to raise $25 million for a proposed crypto exchange called GTX. Per its pitch deck, the name is "because G comes after F" — a play on FTX's bankruptcy.