In the press release from Jan. 11, Huobi Global — rebranded to Huobi in November 2022 — confirmed that it has already broken all ties with Huobi Korea, its former subsidiary in South Korea.

According to the statement, in October 2022, the About Capital fund became the largest shareholder and actual controller of Huobi Global. Still, the deal didn’t include Huobi Korea’s shares, which belonged to Huobi Global's shareholders and were divested in the corporate structure.

On Jan. 9, a South Korean media outlet reported that Huobi Korea is preparing to purchase its shares from Huobi Global and change its name. The reported deal should have included the buyout by Huobi Korea chairman Cho Kook-bong of 72% of shares in Huobi Korea, owned by Huobi Global co-founder Leon Li.

Huobi Korea was the country’s second-largest exchange at the time of its certification by the Korea Internet and Security Agency in January 2021. According to a News1 report, the Korean exchange was spurred into action by concern over the parent company’s proof-of-reserves report released in December. Huobi has experienced several issues in the recent week. After a $6 million outflow, it reportedly had to lay off 20% of its workforce.

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Why not let it dump and keep the capital for other opportunities and buy it later? Should it really actually hurt FTX or Alameda if the token dumps temporarily? Not unless its collateral, right?