- HTX’s September proof of reserves overstated USDS holdings by 360,949.90 tokens — the address actually contained zero at the claimed block height
- The exchange also overstated USDD by nearly 90,000 tokens, claiming 44,975,772 when the address held 44,886,000
- This marks the second time HTX’s PoR has contained asset disclosure errors, following a May report that confused STEAK-USDC with sUSDS
HTX, the cryptocurrency exchange owned by Justin Sun, released a September proof of reserves (PoR) containing significant discrepancies between its reported and actual holdings. The exchange claimed it held 360,949.90 USDS at address 0xdaa4393013f359fd63a133a3b893d311aba4e471 at block height 25876316.
However, that address contained 0 USDS at that block height, according to Etherscan’s Account Balance Checker. The only time the address received USDS was at block height 25889452, which occurred on September 2 — one day after the September 1 PoR date.
The PoR also overstated USDD holdings, according to Etherscan’s Account Balance Checker. HTX claimed 44,975,772 USDD in another address at the same block height, but that address actually held 44,886,000 USDD.
This is not the first time HTX’s PoR has contained errors. Its May report claimed a certain amount of STEAK-USDC in an address, yet that address held none at the claimed block height, instead containing an equivalent amount of sUSDS.
These discrepancies raise serious concerns about HTX’s PoR process and how it verifies that assets are properly matched to liabilities at all times. The exchange did not respond to requests for comment before publication.
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