<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/leon-li-recovers-funds-from-ftx-for-sinohope/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Leon Li Recovers Funds from FTX for Sinohope</a><br></p>
<p class="p1" style="text-align: justify">Huobi <strong>(HTX)</strong> exchange co-founder Leon Li’s Hong Kong investment holding company Sinohope will recover more than 100% of its blocked deposits in the bankrupt crypto exchange FTX through its subsidiary Hbit. According to the May 24 announcement circulated on May 28, Hbit sold its creditor claims worth $19.5 million to debt investment firm Ceratosaurus Investors LLC.</p>
<h2 class="p1" style="text-align: justify" id="what-is-happening-on-the-huobi-front">What is Happening on the Huobi Front?</h2>
<p class="p1" style="text-align: justify">During the bankruptcy in November 2022, <strong>Sinohope</strong> had deposits worth $18.1 million in FTX. The agreement means the firm will recover 108% of its assets. Sinohope was financially affected 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.</p>
<p class="p1" style="text-align: justify">Part of the loss included $86 million Hong Kong dollars worth of corporate deposits left inactive in the bankrupt <strong>crypto exchange</strong> FTX. To keep the firm afloat, Leon Li had to personally extend a $14 million personal credit line to rescue Sinohope customers affected by FTX’s bankruptcy.</p>
<p class="p1" style="text-align: justify">On December 11, 2023, another company owned by <strong>Leon Li</strong>, X-Spot Global, obtained an injunction against Huobi Global, demanding that Huobi Global stop using the Chinese equivalent of the Huobi brand in Hong Kong.</p>
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-304667 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/htx-huobi-justin-sun.png" alt="" width="1399" height="786"></p>
<h2 class="p1" style="text-align: justify" id="details-on-the-process">Details on the Process</h2>
<p class="p1" style="text-align: justify">According to court records, the <strong>Huobi</strong> 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 linked 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 it the owner of the brand. Huobi later rebranded as HTX last September.</p>
<p class="p1" style="text-align: justify">Amid the ongoing <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">bull market</a>, the sharp increase in crypto prices has boosted the value of most FTX creditors’ claims, which are in <a href="https://en.coin-turk.com/political-ripple-of-cryptocurrencies-a-precursor-for-major-shifts-as-2024-approaches/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a>. Current estimates for FTX’s damage recovery rates range between 129% and 143%.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/leon-li-recovers-funds-from-ftx-for-sinohope/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Leon Li Recovers Funds from FTX for Sinohope</a></h5>

Leon Li Recovers Funds from FTX for Sinohope

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