<div class="protos">
 <div>
  <div>
   <div>
    <p><a rel="noopener noreferrer nofollow" title="Justin Sun" href="https://thebittimes.com/tag/justin-sun.html">Justin Sun</a> recently took to X (formerly Twitter) to brag about how much of his personal wealth he stores on his cryptocurrency <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>, <a rel="noopener noreferrer nofollow" title="HTX" href="https://thebittimes.com/tag/htx.html">HTX</a>. The image he provided seems to claim that he currently has 28,613 <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> on the platform, worth about $1.7 billion.</p>
    <p>However, the HTX ‘proof of reserves’ dated February 1 appears to show that HTX had a total of 21,651 bitcoin, approximately three-quarters of the amount that Sun claims to hold on the exchange.</p>
    <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/_-0BnH0UOssUt8QzEA8cZZrKMHLBjkdf17bP9Dp03283Ft4D_nmGbf2Xmv7_2_YzbX2gQ6b0vocMsvEgHrLLzNCxLwvHJ0-rLBtAhXD9ZLAiEVF_FEPAMV8qJujL_gSXNY3T-Reo_MnqNs4YxirlPrU" alt>
    </figure>
    <p>HTX provides a tool that can be used to verify the results of the proof of reserves process. The ‘snapshot’ included lists the addresses considered for this analysis. The addresses that exist on Bitcoin that are disclosed in this snapshot are:</p>
    <ul>
     <li>143gLvWYUojXaWZRrxquRKpVNTkhmr415B, which has a balance of approximately 1,094 bitcoin.</li>
     <li>12qTdZHx6f77aQ74CPCZGSY47VaRwYjVD8, which has a balance of approximately 8,970 bitcoin.</li>
     <li>1HckjUpRGcrrRAtFaaCAUaGjsPx9oYmLaZ, which has a balance of approximately 15 bitcoin.</li>
     <li>1LXzGrDQqKqVBqxfGDUyhC6rTRBN5s8Sbj, which has a balance of approximately 830 bitcoin.</li>
    </ul>
    <p>These addresses in total hold only <strong>approximately 10,909 <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>s</strong> — around 38% of the amount of <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> that Sun claims to hold on the <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>.</p>
    <p>The remainder of the bitcoin held at HTX is a wrapped Bitcoin product on Tron offered by Sun-owned Poloniex. Unfortunately, Poloniex refuses to disclose where it holds the collateral for these wrapped coins.</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
     <div class="wp-block-embed__wrapper">
      <blockquote class="wp-embedded-content" data-secret="vFGZYHcFOA">
       Poloniex proof-of-reserves and WBTC backing missing
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Poloniex proof-of-reserves and WBTC backing missing” — Protos" src="https://protos.com/poloniex-proof-of-reserves-and-wbtc-backing-missing/embed/#?secret=oJWm9oVDGX#?secret=vFGZYHcFOA" data-secret="vFGZYHcFOA" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
     </div>
    </figure>
    <p><em>Read more: Is USDC preparing for a Justin Sun sanction?</em></p>
    <p>Taken at his word, Sun is claiming that he is by far the largest trader still willing to use HTX. However, claiming he controls more currency than the entire exchange disclosed at its last proof of reserves <strong>raises additional concerns</strong> about the quantity and encumbrance of assets at HTX.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
   </div>
  </div>
 </div>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/justin-sun-has-more-bitcoin-on-htx-than-the-exchange-held-last-month-tbt81041.html">https://thebittimes.com/justin-sun-has-more-bitcoin-on-htx-than-the-exchange-held-last-month-tbt81041.html</a></p>

Justin Sun has more bitcoin on HTX than the exchange held last month

TheBitTimes

Other articles published on Feb 28, 2024

Bitcoin Fast Approaching $60,000 As BTC F&G Index Hits ‘Extreme Greed’ – Details

Top 3 Reasons Why XRP Price Might Hit $1 Soon

As Bitcoin Exceeded $59,000, All Eyes Turned to 2021 ATH! Will the BTC Rally Continue?

FLOKI Price Showed A Blast Off; Will Bulls’ Domination Continue?

Memecoin Traders Made $2M Profits in Pepecoin ($PEPE) Price Rally

Starknet Crosses $1B TVL, Render Soars, NuggetRush To Transform GameFi Space

Join our free newsletter for daily crypto updates!