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Justin Sun, the founder of the Tron network, owns more than a quarter of the assets of HTX (formerly Huobi) exchange reserves, as revealed in a leaked screenshot of his wallet balance on social media platform Twitter) on February 27. .
Although the screenshot does not show a detailed breakdown of his portfolio, Sun's total crypto holdings on the platform equate to approximately 28,614 units of Bitcoin, valued at approximately $1.6 billion.
Sun shared this wallet balance to affirm his substantial engagement with HTX, a crypto exchange where he serves in an advisory role. This disclosure follows widespread allegations on social media questioning his active use of the platform.
Sun said:
“Personally, I use almost all the major exchanges and am partial to them. However, if someone says that I rarely use HTX.com, that would be inaccurate. I am a heavy HTX user. My personal use of HTX is the same as all HTX users, believing and trading.
Meanwhile, Sun's screenshot has sparked several debates within the crypto community, with some suggesting the image could be fake.
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, pointed out the stark contrast between Sun's balance and HTX's reported Bitcoin holdings. He said:
“So, Sun is claiming that his personal HTX balance of BTC is more than the total amount of BTC that HTX brings into wallets (according to DefiLlama sources). So either false or HTX has no real users other than Sun, or he mixes their assets as his own.
HTX Reserves
CryptoSlate Analysis of different on-chain service providers, including Arkham Intelligence and DeFillama, shows that Sun's assets represent a substantial portion of HTX reserves, albeit with some variation.
According to Arkham Intelligence HTX dashboard, Sun's assets represent approximately 27% of the exchange's total reserves, valued at $5.9 billion. The dashboard highlights over 23,700 BTC valued at $1.4 billion and 9.3 billion Tron tokens, valued at $1.3 billion, among the exchange's top holdings.
Conversely, contrasting data DeFillama suggests that Sun's assets constitute nearly 50% of HTX's reserves, with the exchange's reserves valued at approximately $3.83 billion.
Meanwhile, HTX publicly revealed reserve the certificates indicate holdings of nearly $3.5 billion in assets as of February 1. These assets include 540 million USDT, 21,543 BTC, 109,000 Ethereum units, and 9.4 billion TRX tokens.
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