According to a new filing with the Stock Exchange of Hong Kong on Nov. 14, investment holdings company New Huo Technology, formerly known as Huobi Global, has $18.1 million worth of deposits stuck on troubled cryptocurrency exchange FTX. Of this amount, $13.2 million consists of clients’ deposits and $4.9 million comprises assets belonging to Hbit, another subsidiary.
New Huo Technology is majority-owned by Chinese businessman Lin Li, who also created Huobi Global, the 20th-largest crypto exchange worldwide by trading volume. On Nov. 13, the company disclosed that it had reached an agreement with Li for an unsecured, non-interest-bearing credit facility up to a maximum of $14 million to cover customers’ liabilities. Nevertheless, the company wrote: