Huobi subsidiary Hbit has revealed that it has $18.1 million on FTX, which it cannot recover. $13.2 million were customer funds, which it will cover through an unsecured loan of up to $14 million.
Huobi announced that it is also a victim of the FTX scandal. It revealed in a notice that it was unable to withdraw $18.1 million from the now-bankrupt exchange. Of this, $13.2 million belongs to customers, with the remaining $5 million belonging to subsidiary Hbit.
Huobi also revealed that it had applied for a $14 million unsecured to help deal with the $13.2 million loss of customers, establishing a $32 million liability for the company. Huobi said that the stuck funds do not affect normal business operations. Hbit operates independently from other business entities of the Huobi Group, which are completely unaffected.