A recent investigation by Protos has highlighted several anomalies and potential risks in the reserve structure of Justin Sun's HTX exchange. The exchange's Proof of Reserves (PoR) tool and on-chain snapshots reveal that a significant portion of its BTC reserves, amounting to 18,000 BTC, are in the form of BTC-TRC20 tokens, with collateral linked to Poloniex, which has yet to complete its PoR. Additionally, HTX's ETH reserves have drastically reduced from a peak of 392,000 ETH in May 2025 to just 118,000 ETH, with only 8.8% being native ETH, while the rest are either loaned out or staked. The investigation also found that over 80% of HTX's USDT reserves are loaned out to platforms like Aave and JustLend, with frequent billion-dollar fund transfers. Furthermore, the conversion from HT to HTX has dilution issues, and the HTX DAO has reportedly entered a read-only state due to unpaid fees. In response, HTX assured users that their assets are "100% secure" and noted that it has been regularly disclosing PoR data for 38 consecutive months. Users can view the monthly updated reserve proof reports on the HTX website.