Protos Survey: Justin Sun's exchange HTX has multiple anomalies and potential risks in its reserve structure.

Protos released a survey stating that the reserve structure of the exchange HTX, owned by Justin Sun, has multiple anomalies and potential risks. Its public PoR tool and on-chain Snapshot show that a large portion of the BTC reserves are in the BTC-TRC20 tokenized version, which once reached a scale of 18,000 BTC, while the true collateral location is associated with Poloniex, which has yet to complete the PoR; the ETH reserves have significantly shrunk, from a peak of about 392,000 coins in May 2025, currently only about 118,000 coins remain, of which only about 8.8% are native ETH, with the majority being lent out or used as stake assets; over 80% of the USDT reserves have been lent out to Aave and JustLend, and there are frequent occurrences of fast back-and-forth movements of funds at the billion-dollar level; there are dilution issues in the conversion from HT to HTX, and the HTX DAO has even entered a read-only state due to unpaid fees.