Is Justin Sun mixing HTX’s reserves with Poloniex?

HTX has been hit with sanctions from the European Union and the United Kingdom’s Foreign Commonwealth & Development Office.

In the wake of these measures, TRM Labs highlighted that HTX had started rapidly rotating through addresses on-chain, making it harder to identify its holdings.

This problem was compounded by HTX choosing to change its proof-of-reserves, obscuring the location of its reserves in a new “ThirdParty” category that’s supposed to describe funds held at third-party custodians.

HTX claims that users can still verify the funds by reaching out to the custodians in question, but HTX has failed to respond to our requests for the identity of that custodian.

Read more: HTX moved $1.3 billion from reserves to undisclosed ‘ThirdParty’

Before these transitions, HTX published a proof-of-reserves that contained a variety of addresses.

Protos has attempted to track the stETH in one of those addresses to its final destination and believes that this path may revealing something about how HTX has been functioning.

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