๐Good news for Sinohope! The Hong Kong investment holdings company, created by HTX co-founder Leon Li, is set to recover more than 100% of its stuck deposits on the now-defunct FTX exchange. Thanks to its Hbit subsidiary and a deal with Ceratosaurus Investors LLC, Sinohope is looking at a recovery ratio of 108%!๐ฐ
This comes as a relief after the firm's losses in 2023, partly due to $11 million immobilized on FTX. Leon Li even had to extend a personal line of credit to help out affected customers.๐
Meanwhile, X-Spot Global, another Li-owned company, won an injunction against HTX over the use of the "Huobi" trademark in Hong Kong.๐๏ธ
As crypto prices rise, FTX creditors' claims have also soared. Current recovery estimates range from 129% to 143%.๐
What are your thoughts on this? Let's chat in the comments!๐