HTX's reserve report shows mismatches with on-chain data

HTX, owned by Justin Sun, claimed in its September proof of reserves (PoR) that it held 360949.90 USDS in address 0xdaa4393013f359fd63a133a3b893d311aba4e471 at a block height of 25876316.

At that same block height, however, the address actually contained 0 USDS.

The sole transaction where this address received USDS occurred at block height 25889452, on September 2, after the PoR dated September 1.

This is not the only issue with the September PoR.

Additionally, the report claims that 44,975,772.00 of the Sun-founded USDD were in address 0x18709e89bd403f470088abdacebe86cc60dda12e at block height 25876316.

But at that block height, the address actually held 44,886,000 USDD.

HTX has also made other errors in its PoRs historically.

Protos previously reported that in its May PoR, HTX claimed a certain amount of STEAK-USDC, but the address at the claimed block height had no STEAK-USDC.

Instead, it contained an equivalent amount of sUSDS, indicating HTX confused the assets in its disclosures.

All these discrepancies raise serious doubts about HTX's PoR process, specifically how it ensures that assets match liabilities at all times.

Protos contacted HTX for comment on these discrepancies but did not receive a response before publication.