Recently, a screenshot of Justin Sun’s wallet balance on the HTX exchange has sparked controversy within the crypto community. Sun, the founder of the Tron network, revealed that he owns over a quarter of the assets on the exchange, amounting to approximately 28,614 units of Bitcoin valued at around $1.6 billion. This disclosure was made in response to allegations questioning his level of engagement with HTX, where he holds an advisory role.
The screenshot shared by Sun has resulted in various debates and allegations, with some suggesting that the image could be fake. Adam Cochran, a partner at VC firm Cinneamhain Ventures, pointed out the significant difference between Sun’s reported balance and HTX’s officially disclosed Bitcoin holdings. This has raised concerns about whether Sun may be commingling his assets with those of the exchange, or if HTX lacks users other than Sun himself.
A detailed analysis by different on-chain service providers, including Arkham Intelligence and DeFillama, reveals that Sun’s holdings make up a substantial portion of HTX’s reserves, albeit with some discrepancies. According to Arkham Intelligence’s HTX dashboard, Sun’s assets represent approximately 27% of the exchange’s total reserves, valued at $5.9 billion. The dashboard shows holdings of over 23,700 BTC and 9.3 billion Tron tokens among the top assets on the exchange.
Contrasting data from DeFillama suggests that Sun’s assets could make up nearly 50% of HTX’s reserves, with the exchange’s total valuation at approximately $3.83 billion. This raises questions about the accuracy and reliability of the information provided by different sources. Additionally, HTX’s publicly disclosed reserve certificates as of Feb. 1 indicate holdings of nearly $3.5 billion in assets, including USDT, BTC, Ethereum, and TRX tokens.
The controversy surrounding Justin Sun’s crypto holdings on the HTX exchange highlights the complexities and uncertainties in the cryptocurrency market. As the debate continues, it is essential for investors and users to exercise caution and conduct thorough due diligence when dealing with such high-profile figures and platforms in the industry. The transparency and integrity of the digital asset ecosystem are essential for fostering trust and confidence among market participants.