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Crypto services firm linked to Huobi sees losses expand 40% with FTX funds still out of reach
As crypto prices plummeted following the collapse of FTX in late 2022, Sinohope appears to have laid off a large number of employees to cut costs. By the end of September, it had 87 employees, according to the most recent filing – a nearly 90 per cent reduction from the 786 employees it had a year earlier.
Sinohope is controlled by Li Lin, who founded the cryptocurrency exchange Huobi, now known as HTX. In October 2022, Li sold his entire stake in the exchange to the Hong Kong fund About Capital Management. Huobi said in November 2022 on X, formerly Twitter, that New Huo Technology’s failure to withdraw funds from FTX did not affect the exchange’s operations because the two are separate entities.
HTX is one of the world’s top 20 centralised crypto exchanges by trading volume, and it is now known for its links with the Chinese crypto billionaire Justin Sun, who has become the public face of the company.
Like many exchanges in the aftermath of FTX’s collapse, HTX struggled while the industry faced a series of collapses at the end of 2022. In August, HTX grappled with rumours about insolvency, fraud and arrests, leading to capital outflows of more than US$100 million across several blockchains.
In November 2023, another US$258 million left the exchange after a security incident in which some US$30 million worth of cryptocurrencies were stolen, forcing HTX to temporarily suspend deposits and withdrawals.