HT surges by almost 8% amid Huobi Token conversion start

Cryptocurrency exchange token HTX Huobi Token (HT) rose almost 8% amid news of creating a decentralized autonomous organization (DAO).

According to a message on the exchange website, conversion of HT into HTX tokens began on Jan. 22 with the main goal of the transition to create an autonomous DAO, which will allow users to influence the development of the trading platform.

According to CoinMarketCap, at the moment the price of HT dropped by more than 8% – from $1.86 to $1.72. However, the value of the token has since recovered to $1.90. The increase over the past 24 hours so far totals a 7.8% increase.

According to the blog post, users can convert old HT tokens into new HTXs until Jan. 25, 2025. This can be done through the mobile application or the desktop version of the crypto exchange.

HTX coin holders will receive several benefits. In particular, for them, the commission for spot trading will be reduced by 25% and for futures trading – by 5%. This offering is expected to stimulate customer interest in DAOs.

The exact purpose of the decentralized organization of the crypto exchange remains unknown. However, it is reported that participants can offer their ideas regarding developing the trading platform on a forum called HTX DAO.

Last year, the crypto exchange has been the victim of hack. In September 2023, attackers withdrew almost $8 million in Ethereum (ETH) from the HTX hot wallet. However, the hacker was immediately identified, later agreeing to HTX’s subsequent return offer and transfer all the stolen funds back.