HTX September Proof of Reserves Shows Zero USDS on Claimed Address

The September proof of reserves from HTX, the exchange controlled by Justin Sun, does not match the blockchain record for a USDS claim. Protos, which reported the discrepancy, found that the exchange claimed to hold 360,949.90 USDS in the address 0xdaa4393013f359fd63a133a3b893d311aba4e471 at block height 25876316. According to Protos, that address actually contained 0 USDS at that specific block height.

The timing of the funds makes the error distinct from a simple lag. Protos noted that "the only transaction where the address received USDS occurred at block height 25889452 on September 2", one day after the proof of reserves was dated September 1. This is not the first instance of a mismatch in the exchange's disclosures. In a May proof of reserves, HTX claimed a certain amount of STEAK-USDC in an address that held no STEAK-USDC at the claimed block height, according to Protos. The address did hold an equivalent amount of sUSDS, suggesting the exchange confused the asset labels in that earlier filing.

A second discrepancy involves USDD, the stablecoin founded by Sun. HTX claimed 44,975,772.00 USDD in the address 0x18709e89bd403f470088abdacebe86cc60dda12e at the same block height, but the address actually held 44,886,000 USDD, according to Protos.

HTX claimed 44,975,772.00 USDD in address 0x18709e89bd403f470088abdacebe86cc60dda12e at block height 25876316, when the address actually held 44,886,000 USDD, per Protos. An August 13, 2025 newsfilecorp.com report noted the September release marked the 34th consecutive month of public proof of reserves disclosures. The exchange’s proof of reserves page clarifies that the disclosures "does not include HTX's corporate holdings, which are stored in a completely separate ledger," as stated on htx.com. Protos reached out to HTX for comment on the discrepancy, but the company did not respond before publication.