{"id":21459,"date":"2024-05-28T21:11:34","date_gmt":"2024-05-28T18:11:34","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21459"},"modified":"2024-05-28T21:11:34","modified_gmt":"2024-05-28T18:11:34","slug":"sinohopes-hbit-subsidiary-recovers-over-100-of-trapped-funds-from-ftx-collapse","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/sinohopes-hbit-subsidiary-recovers-over-100-of-trapped-funds-from-ftx-collapse\/","title":{"rendered":"Sinohope’s Hbit Subsidiary Recovers Over 100% of Trapped Funds from FTX Collapse"},"content":{"rendered":"

Using its Hbit subsidiary, Hong Kong<\/strong> investment holdings business Sinohope<\/strong>, founded by Huobi (HTX)<\/strong> exchange co-founder Leon Li, would reclaim more than 100% of its trapped funds on the failing cryptocurrency exchange FTX.<\/p>\n

Sinohope’s Debt Investment Deal Secures Recovery<\/h2>\n

A May 24 notice starting to circulate on May 28 says that Hbit has sold debt investment company Ceratosaurus Investors LLC $19.5<\/strong> million<\/strong> worth of creditor claims. Sinohope has $18.1 million worth of deposits locked on FTX at the November 2022 crash date. The agreement suggests a 108% recovery percentage based on the assets of the company.<\/p>\n

The unreturned money greatly affected Sinohope. The company said on December 13, 2023 that it expected a loss of $280 million Hong Kong dollars ($35.86 million) for the first nine months of the year, an increase from $200 million Hong Kong dollars ($25.61 million) it lost in the same time in 2022.<\/p>\n

Included in the loss were $86 million Hong Kong<\/a> dollars ($11 million) of business deposits frozen on the failing bitcoin exchange FTX. Leon Li had to personally provide a $14 million personal line of credit to save Sinohope clients impacted by FTX’s fall from business viability.<\/p>\n

X-Spot Global, another firm controlled by Leon Li, obtained an injunction against Huobi Global on December 11, 2023, therefore forcing the latter to stop using the Chinese-equivalent “Huobi” trademark in Hong Kong.<\/p>\n

Court papers state that the Huobi trademark was registered in Hong Kong in 2019. Co-founders Leon Li and Du Jun sold Huobi Global to About Capital Management, connected to Chinese blockchain entrepreneur Justin Sun, in September 2022. But before the purchase, Leon Li’s X-Spot Global had entirely acquired the rights to the Chinese-language Huobi trademark, therefore identifying the business as the trademark owner. Later last September Huobi changed its name to HTX.<\/p>\n

The claims of FTX<\/strong> creditors, many of which are denominated in cryptocurrencies, have skyrocketed in value in reaction to a dramatic increase in crypto values amid the continuing bull market. Current projections for the range of claims recovery for FTX run from 129% to 143%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Using its Hbit subsidiary, Hong Kong investment holdings business Sinohope, founded by Huobi (HTX) exchange co-founder Leon Li, would reclaim more than 100% of its trapped funds on the failing cryptocurrency exchange FTX. Sinohope’s Debt Investment Deal Secures Recovery A May 24 notice starting to circulate on May 28 says that Hbit has sold debt<\/p>\n","protected":false},"author":6,"featured_media":19187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[496,1469,6442,6441],"class_list":["post-21459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-ftx","tag-hong-kong","tag-huobi-htx","tag-sinohope"],"yoast_head":"\nSinohope's Hbit Subsidiary Recovers Over 100% of Trapped Funds from FTX Collapse<\/title>\n<meta name=\"description\" content=\"Sinohope, founded by Huobi co-founder Leon Li, recovers over 100% of trapped funds from FTX via Hbit subsidiary and debt investment deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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