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Reading: Leon Li Recovers Over 100% of Blocked Deposits from FTX
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COINTURK NEWS > Cryptocurrency Exchanges > Leon Li Recovers Over 100% of Blocked Deposits from FTX
Cryptocurrency Exchanges

Leon Li Recovers Over 100% of Blocked Deposits from FTX

In Brief

  • Leon Li's Sinohope will recover over 100% of blocked deposits from FTX.

  • Sinohope was financially impacted by unrecovered funds from FTX's bankruptcy.

  • Leon Li extended a $14 million personal credit limit to rescue Sinohope customers.

COINTURK NEWS
COINTURK NEWS 12 months ago
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Huobi (HTX) exchange co-founder Leon Li’s Hong Kong investment holding company Sinohope will recover more than 100% of blocked deposits in the bankrupt crypto exchange FTX through its subsidiary Hbit. According to the May 24 announcement circulated on May 28, Hbit sold creditor claims worth $19.5 million to debt investment company Ceratosaurus Investors LLC.

Contents
What is Happening at Huobi?Details on the Process

What is Happening at Huobi?

During the November 2022 bankruptcy, Sinohope had deposits worth $18.1 million in FTX. The agreement means the firm will recover 108% of its assets. Sinohope was financially impacted by the unrecovered funds. On December 13, 2023, the firm announced it expected a loss of 280 million Hong Kong dollars for the first nine months of the year.

Part of the loss included $86 million Hong Kong dollars in corporate deposits left inactive in the bankrupt crypto exchange FTX. To keep the firm afloat, Leon Li had to personally extend a $14 million personal credit limit to rescue Sinohope customers affected by FTX’s bankruptcy.

On December 11, 2023, another company owned by Leon Li, X-Spot Global, obtained a precautionary injunction against Huobi Global, demanding that Huobi Global stop using the Chinese equivalent of the Huobi brand in Hong Kong.

Details on the Process

According to court records, the Huobi brand was registered in Hong Kong in 2019. In September 2022, co-founders Leon Li and Du Jun sold Huobi Global to About Capital Management, an entity connected to Justin Sun. However, before the acquisition, the rights to the Chinese Huobi brand were entirely transferred to Leon Li’s X-Spot Global company, making this entity the owner of the brand. Huobi later rebranded as HTX last September.

Amid the ongoing bull market, the sharp rise in crypto prices increased the value of claims by FTX creditors, most of which were in cryptocurrency. Current estimates for FTX’s damage recovery rates range between 129% and 143%.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 28 May, 2024 - 7:15 pm 28 May, 2024 - 7:15 pm
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