According to a Monday <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/1114/2022111400129.pdf" target="_blank" rel="nofollow noopener">release</a>, after New Huo disclosed one of its companies had US$18 million in cryptocurrencies locked up on the defunct <a href="https://www.cryptoknowmics.com/news/bankrupt-ftx-faces-criminal-investigation-in-bahamas">FTX</a> exchange, the former <a href="https://www.cryptoknowmics.com/news/huobi-global-delists-gala-holdings-after-converted-to-meme-token">Huobi Global</a> 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.
<h2>Leon Li Launched Huobi Technology</h2>
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.
<h2>Li- A Significant Shareholder</h2>
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.

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

According to Huobi Technology/ New Huo Technology, the firm's financial performance might be significantly impacted by the FTX collapse.

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

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