HTX’s proof of reserves doesn’t match its blockchain balances

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

However, that address at that block height actually contained 0 USDS.

The only transaction where this address actually received USDS was at a block height of 25889452. This was on September 2, after the PoR which is dated September 1.

This isn’t the only problem in this PoR.

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

However, this address actually had 44,886,000 USDD in that address at that block height.

Read more: Tether has publicly listed a company that partially controls USDS

These are also not the only mistakes that HTX has made in its PoR historically.

As Protos has previously reported, it previously claimed a certain amount of STEAK-USDC in its May PoR, however it didn’t have any STEAK-USDC in that address at the claimed block height.

However, it did have an equivalent amount of sUSDS in that address, suggesting it had confused its disclosures between these assets.

All of these issues raise serious concerns about HTX’s PoR process, and especially how it makes certain that all assets are matched to liabilities at all times.

Protos reached out to HTX for comment on this discrepancy, but it didn’t respond before publication.

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