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Gungun Bhatia
Nov 14, 2022
by Gungun Bhatia

Ex-Huobi CEO Leon Li Offers $14M Loan to Cover Funds Locked in FTX

Huobi FTX

Table of contents

  1. Leon Li Launched Huobi Technology
  2. Li- A Significant Shareholder
According to a Monday release, after New Huo disclosed one of its companies had US$18 million in cryptocurrencies locked up on the defunct FTX exchange, the former Huobi Global CEO Leon Li, came to a deal with the company for a US$14 million loan to cover funds locked in FTX. Li is the biggest stakeholder of New Huo Technology Holdings.

Leon Li Launched Huobi Technology

According to New Huo Technology, the amount would be used, if necessary, to settle customer liabilities and assets resulting from FTX's insolvency. According to the notification from New Huo Technology, the funds put on FTX may not be eligible for release since FTX has applied for bankruptcy protection.

The new name for Huobi Technology is New Huo Technology. Leon Li established Huobi Technology and Huobi Global, originally associated until Huobi Global was sold.

Li- A Significant Shareholder

Li is still a significant stakeholder in New Huo Technology but has sold his shares in Huobi Global. He also serves as a non-executive director of the company. According to Huobi Technology/ New Huo Technology, the firm's financial performance might be significantly impacted by the FTX collapse, based on the outcome of FTX's Chapter 11 bankruptcy petition.

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Huobi Global FTX Leon Li New Huo Technology Holdings
Ex-Huobi CEO Leon Li Offers $14M Loan to Cover Funds Locked in FTX
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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