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Sun's Exchange Faces Major Issues
Protos released an investigation revealing multiple anomalies and potential risks in the reserve structure of Justin Sun's exchange HTX.
Its publicly available PoR tool and on-chain snapshots show:
ETH reserves have significantly shrunk, peaking at approximately 392,000 ETH in May 2025, now remaining at about 118,000 ETH, of which only around 8.8% is native ETH; the rest are mostly lent out or staked assets;
Over 80% of USDT reserves have been lent out to Aave and JustLend, with frequent rapid transfers of funds in the billion-dollar range;
There are dilution issues in the conversion from HT to HTX, and HTX DAO has even entered read-only mode due to unpaid fees. HTX responded in a statement claiming user assets are "100% secure" and stated that they have been regularly disclosing PoR data for 38 consecutive months. Users can view the monthly reserve proof reports on the "Assets - Reserve Proof Report" page on the HTX official website. $BTC