Burning flames from the FTX collapse continue as damages spread throughout the crypto market and industry. FTX is left to themselves as other firms cannot assist due to the magnitude of debts incurred by the exchange. Binance initially intended to help but later acknowledged that the situation was beyond its power.
Meanwhile, the latest reports have revealed that the embattled crypto firm has filed for Chapter 11 Bankruptcy. The FTX crisis has plunged many crypto firms into debt and losses, including Huobi’s subsidiary, Hbit Limited.
Hbit Limited revealed in an official announcement that it failed to withdraw $18.1 million worth of assets deposited on FTX.
According to the announcement, $13.2 million out of the total value stuck on FTX belongs to Hbit’s clients. This is