Nov 14, 2022 08:19 PM

BUSINESS

Hong Kong Crypto Firm Says Deposits at Risk After FTX Meltdown

FTX, created by the industry’s onetime wunderkind Sam Bankman-Fried, has filed for bankruptcy protection in the U.S. Photo: IC Photo

FTX, created by the industry’s onetime wunderkind Sam Bankman-Fried, has filed for bankruptcy protection in the U.S. Photo: IC Photo

Hong Kong-based crypto services provider New Huo Tech Holdings Ltd. said it has $18.1 million of digital currency deposits in FTX.com that it may not be able to retrieve after the world’s second largest cryptocurrency exchange collapsed in a dramatic meltdown.

New Huo Tech, previously known as Huobi Technology, said that its subsidiary Hbit Ltd. had deposited the cryptocurrency in FTX, including $13.2 million clients’ deposits and approximately $4.9 million of Hbit’s assets, according to a Monday filing with the Hong Kong Stock Exchange.

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