New Huo Technology: Unable to withdraw cryptocurrency assets from FTX

ChainCatcher news, according to Jinshi reports, New Fire Technology (formerly Huobi Technology) announced on the Hong Kong Stock Exchange that its subsidiary Hbit Limited has approximately 18.1 million equivalent US dollars in cryptocurrency stored on the cryptocurrency exchange FTX, of which about 13.2 million dollars are assets from customer trading requests. Since FTX's group entities (including FTX) filed for bankruptcy protection in the United States on November 11, 2022, it may not be possible to withdraw the aforementioned cryptocurrency assets from FTX.

On November 13, New Fire Technology reached an agreement with Mr. Li Lin, the company's controlling shareholder and non-executive director, under which Mr. Li agreed to provide the group with additional unsecured financing of up to 14 million dollars. The company will utilize shareholder financing as needed to cover the liabilities arising from this event. (Source link)