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Huobi's Unit Provides 'Unsecured Financing' To Support Victims Of FTX Drama
Journalist and insider Colin Wu shares details of Hong Kong-based unit of Huobi's plan to cover client losses
Muskaan T.
10:01 15th Nov, 2022
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The FTX-Alameda drama is getting worse every day: more and more services are reporting their exposure to the collapsed platforms. The vast majority of them also invested customers' funds in FTX-tied activities. But are they ready to compensate the losses?

Huobi's founder provides $14 million to cover users' losses

Today, Nov. 14, 2022, Chinese crypto journalist Colin Wu announced that the Hong Kong-listed entity of leading Asian exchange Huobi has $18.1 million in crypto stuck on now-defunct exchange FTX.

Out of this sum, over $13.2 million in equivalent are customer assets. In order to compensate losses and cover clients' balance sheets, Huobi's founder Leon Li (Li Lin) will provide "additional unsecured fnancing."

The sum of liquidity injection by the Huobi veteran might total up to $14 million in equivalent.

Source



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