Huobi (HTX), the cryptocurrency exchange recently acquired by Justin Sun, announced that it has made a significant change to the token system of its platform.
The original platform token, HT, will be converted to HTX. This move will see the launch of a new functionality that allows HT to be exchanged for HTX, replacing almost all HT-related preferential functions with HTX counterparts, including transaction fee deductions.
In its official statement, HTX stated that it will list HTX DAO (HTX) and support HT to HTX conversion. HTX DAO is defined as an open and transparent decentralized autonomous organization based on HTX's governance token.
The HT to HTX conversion service will be available starting from January 22, 2024 at 11:00 (UTC+3).
HT holders will be able to log in to their HTX account and exchange HT for HTX by clicking the “Confirm Conversion” button on the conversion page. The conversion service will be valid between January 22, 2024 and January 20, 2025.
However, this situation also brought about some discussions in the cryptocurrency world. The former HT token was running on Justin Sun's Heco chain, which was hacked in December along with HTX and Poloniex. HT token withdrawals and deposits were also suspended. Users claim that with the new HTX token, the Heco chain and the HT token have been abandoned, in fact a new altcoin has been launched.
Following the development, there was an approximately 11% decrease in the price of HT.
*This is not investment advice.