{"id":9287,"date":"2026-08-16T02:33:19","date_gmt":"2026-08-15T23:33:19","guid":{"rendered":"https:\/\/handoli.com\/index.php\/2026\/08\/16\/we-found-htxs-reserves-at-poloniex\/"},"modified":"2026-08-16T02:33:19","modified_gmt":"2026-08-15T23:33:19","slug":"we-found-htxs-reserves-at-poloniex","status":"publish","type":"post","link":"https:\/\/handoli.com\/index.php\/2026\/08\/16\/we-found-htxs-reserves-at-poloniex\/","title":{"rendered":"We found HTX\u2019s reserves at Poloniex"},"content":{"rendered":"
<\/div>\n

HTX\u2019s situation has appeared increasingly precarious as both the European Union Council<\/a> and the United Kingdom\u2019s Foreign, Commonwealth, & Development Office<\/a> have chosen to sanction the exchange.<\/p>\n

Since then, it\u2019s made some big changes to how it manages users\u2019 reserves.<\/p>\n

Its June proof of reserves report was the first that acknowledged that it had moved huge swaths of its reserves to an undisclosed \u201cThirdParty.\u201d<\/p>\n

\n
\n

HTX moved $1.3 billion from reserves to undisclosed \u2018ThirdParty\u2019<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Read more: HTX misrepresents Huobi Global S.A. after UK sanctions<\/a><\/em><\/p>\n

HTX claims on its website that you can verify these balances by reaching out to the custodian; unfortunately, it doesn\u2019t tell users who that custodian is. As a result, Protos has been unable to verify most of those balances.<\/p>\n

Further complicating this, TRM Labs, a blockchain intelligence firm, released a report in which it detailed how HTX has begun churning through its wallets at a prodigious rate.<\/p>\n

Ari Redboard, the global head of policy for TRM, described this behavior as an attempt \u201cto stay a step ahead of screening built on static lists.\u201d<\/p>\n

\n
\n

TRM claims HTX is rotating wallets to \u2018stay ahead of screening\u2019<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Read more: \u2018Someone\u2019 is taking advantage of HTX\u2019s reserves<\/a><\/em><\/p>\n

HTX, for its part, previously claimed that this was totally normal cybersecurity behavior<\/strong>.<\/p>\n

Since then, Protos was able to track a substantial portion of HTX\u2019s staked ETH (stETH) through Poloniex addresses.<\/p>\n

Now, we can add that various other HTX assets have also recently passed into Poloniex.<\/p>\n

\n
\n

Is Justin Sun mixing HTX\u2019s reserves with Poloniex?<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Read more: Justin Sun\u2019s Poloniex and HTX withdraw huge amounts from AAVE<\/a><\/em><\/p>\n

First, HTX distributes a tool that used to enable people to gain greater insight into its reserves, even including<\/a> which addresses the reserves were held in.<\/p>\n

We can use these past reports to determine where certain assets were claimed to be at a certain time and can use the blockchain transactions to follow some portion of the reserves as they move.<\/p>\n

Consider 0x18709e89bd403f470088abdacebe86cc60dda12e, which was an address that HTX used to hold many of the Ethereum-based DeFi positions it maintained, for some reason.<\/p>\n

\"\"<\/a><\/figure>\n

On May 30, immediately before we get the transition to ThirdParty, we can watch the Sun-advised wrapped BTC (WBTC) move<\/a> from this HTX address to 0xeB245796376912af7Fadd4986f73743feEA61e6E.<\/p>\n

These funds were then transferred<\/a> to 0x8fCA4adE3a517133fF23ca55CdAea29C78C990b8, an address that Etherscan labels as Poloniex 7.<\/p>\n

These funds were then quickly sent<\/a> to 0x29065a4C1f2F20d1E263930088890d6F49Fe715a, an address that Etherscan labels as Poloniex 10.<\/p>\n

Finally, this WBTC was sent<\/a> to 0x176F3DAb24a159341c0509bB36B833E7fdd0a132, an address that Etherscan labels as Poloniex 9.<\/p>\n

This WBTC which came from HTX, is still stored in this Poloniex address.<\/p>\n

The HTX to Poloniex pattern repeats<\/h2>\n
\"\"<\/a><\/figure>\n

The May PoR<\/a> for HTX had a problem. It claimed that it had a bunch of STEAK-USDC, but it was wrong; there was no STEAK-USDC in that address on that date<\/strong>.<\/p>\n

However, there was a matching amount of Sky Savings USDS (sUSDS) in that address, suggesting that while HTX failed to accurately label its own reserves \u2014 troubling on its face \u2014 it did have another position that represented that value.<\/p>\n

We start with approximately $200 million worth of sUSDS moving<\/a> to 0x7fed2E5e06CF7B8918bB93158C4E990794da33b8.<\/p>\n

These funds are then sent<\/a> onward to Poloniex 7.<\/p>\n

These were then forwarded<\/a> in<\/a> three<\/a> transactions to Poloniex 10.<\/p>\n

Finally, these funds were forwarded<\/a> to Poloniex 9.<\/p>\n

Similar patterns can also be observed for various Spark positions, some of which may have been since redeemed.<\/p>\n

These related-party transactions, involving many hundreds of millions of dollars worth of value, raise serious questions about the internal controls and management of both of these Sun-owned exchanges.<\/p>\n

They furthermore raise questions about Poloniex\u2019s role in interacting with this repeatedly sanctioned entity.<\/p>\n

Protos reached out to HTX with questions about these transfers, but it didn\u2019t respond before publication.<\/p>\n

Got a tip? Send us an email securely via\u00a0Protos Leaks<\/em><\/a>. For more informed news and investigations, follow us on\u00a0X<\/a>,\u00a0Bluesky<\/em><\/a>, and\u00a0Google News<\/em><\/a>, or subscribe to our\u00a0YouTube<\/em><\/a>\u00a0channel.<\/em><\/p>\n

The post We found HTX\u2019s reserves at Poloniex<\/a> appeared first on Protos<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

HTX\u2019s situation has appeared increasingly precarious as both the European Union Council and the United Kingdom\u2019s Foreign, Commonwealth, & Development Office have chosen to sanction the exchange. Since then, it\u2019s made some big changes to how it manages users\u2019 reserves. Its June proof of reserves report was the first that acknowledged that it had moved […]<\/p>\n","protected":false},"author":1,"featured_media":9288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[147],"tags":[],"class_list":["post-9287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-invest"],"_links":{"self":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/comments?post=9287"}],"version-history":[{"count":0,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/posts\/9287\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media\/9288"}],"wp:attachment":[{"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/media?parent=9287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/categories?post=9287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/handoli.com\/index.php\/wp-json\/wp\/v2\/tags?post=9287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}