TechFlow news on November 14: Huobi Technology (now Xinhuo Technology) announced on the Hong Kong Stock Exchange that its subsidiary Hbit Limited had approximately USD 18.1 million worth of cryptocurrency deposited with cryptocurrency exchange FTX. Since the FTX group entities (including FTX) filed for bankruptcy protection in the United States on November 11, 2022, the company may be unable to withdraw the aforementioned cryptocurrency assets from FTX. On November 13, the Group entered into an agreement with Mr. Li Lin, the Company's controlling shareholder and non-executive director, under which Mr. Li has agreed to provide the Group with unsecured additional financing of up to USD 14 million. The Company will draw on shareholder funding as needed to cover customer liabilities arising from this incident.
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