Leon Li, the company's founder, had to extend an emergency loan of $14 million to bailout Sinohope customers affected by FTX's collapse.
Hong Kong investment holdings company Sinohope, created by Huobi exchange co-founder Leon Li, will recover more than 100% of its stuck deposits on the defunct crypto exchange FTX via its Hbit subsidiary.that began circulating on May 28, Hbit has sold $19.5 million worth of creditor claims to debt investment firm Ceratosaurus Investors LLC. At the time of collapse in November 2022, Sinohope had $18.
Part of the loss included $86 million Hong Kong dollars of enterprise deposits immobilized on the bankrupt cryptocurrency exchange FTX. To keep the firm alive, Leon Li had to personallyOn Dec. 11, 2023, X-Spot Global, another company owned by Leon Li, won an injunction against Huobi Global, requiring the latter to cease using the Chinese-equivalent"Huobi" trademark in Hong Kong.
According to court filings, the Huobi trademark was registered in 2019 in Hong Kong. In September 2022, co-founders Leon Li and Du Jun sold Huobi Global to About Capital Management, an entityto Chinese blockchain personality Justin Sun. However, prior to the acquisition, the rights to the Chinese-language Huobi trademark had been fully transferred to Leon Li's X-Spot Global, making the entity its trademark owner.
In response to a sharp rise in crypto prices amid the ongoing bull market, FTX creditors’ claims—many of which are denominated in cryptocurrencies—have soared in value. Current estimates for FTX’s claims recoveryBTC price preps 'most parabolic phase' — 5 things to know in Bitcoin this week
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