HTX (formerly Huobi) decides to rebrand the HT token but this token strangely crashed by 22%
HTX crypto exchange decided to rebrand the HT token to HTX token but strangely the trade price of the HT token crashed badly following the announcement.
HTX is an averagely popular crypto exchange, which was acquired by popular crypto entrepreneur Justin Sun in early 2023. In Sept of last year, Huobi rebranded its name to HTX.
On 20 Jan 2024, the HTX exchange announced that it would rebrand its HT token name. The new name of the native token of this exchange will be HTX token and soon the company will launch the swap function on the exchange, to allow the HTX customers to convert HT tokens into HTX tokens.
Following the announcement, the trade price of HT tokens crashed nearly 10%.
The current trade price of this token is $1.91 which is 22% down over the last 7 days of trade price.
Hacking Incidents
In the last year, HTX faced a hacking incident & lost nearly $130 million worth of crypto assets.
Back-to-back four hacking incidents with HTX’s related crypto platforms imposed significant pressure on Justin’s crypto projects.
In Dec 2023, some people claimed that the HTX exchange may collapse just like the FTX exchange but later Justin dismissed all such rumours.
In short, the crypto journey for HTX was very bad for the last 3 months but now we can expect a better comeback from this exchange.
Justin Sun
However Justin Sun is a successful as well as a famous crypto entrepreneur but in the past, he faced several allegations of misusing his power, and position to bypass rules & laws, to launch crypto projects forcibly.
In May 2023, the United States Securities and Exchange Commission (SEC) charged Justin for promoting & offering unregistered security tokens in the US jurisdiction without any kind of legal authority or approval from any regulatory body.
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