Protos released an investigation revealing multiple anomalies and potential risks in the reserve structure of Justin Sun's exchange, HTX. According to its public PoR tool and on-chain snapshots: a significant portion of the BTC reserves consists of BTC-TRC20 tokenized versions, reaching as high as 18,000 BTC at one point, with the actual collateral linked to Poloniex, which has yet to complete its PoR; ETH reserves have significantly shrunk, peaking at approximately 392,000 ETH in May 2025, now down to around 118,000 ETH, with only about 8.8% being native ETH, while the majority has been lent out or used as staked assets; over 80% of USDT reserves have been lent out to Aave and JustLend, with frequent billion-dollar-scale rapid fund transfers; the conversion from HT to HTX has dilution issues, and HTX DAO has even entered read-only mode due to unpaid fees. HTX responded in a post, claiming that user assets are "100% securely guaranteed" and stating that it has been regularly disclosing PoR data for 38 consecutive months. Users can view the monthly updated reserve proof reports on the HTX website under the "Assets - Reserve Proof Report" page. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=54018