HTX’s latest proof-of-reserves, dated June 1, adds a new mystery bucket. In it, the exchange says it moved $1.3 billion worth of reserves into a category it calls “ThirdParty.” Protos reports that this move impacts multiple major assets on HTX, including BTC, ETH, USDC, Usual Stablecoin (U), and Tether (USDT).
The practical issue is simple. HTX tells verifiers to trust a custodian it does not disclose. Protos says HTX’s website now notes that “The assets in the Custodial Wallets are maintained by third-party custodians,” and that to verify the amounts it asks readers to “please directly contact the third-party custodians.” HTX has not explained who or what “ThirdParty” is, Protos adds, despite Protos reaching out for clarification.
What changed in HTX’s reserves disclosure
Protos walks through how much each asset is allegedly affected by the “ThirdParty” shift.
Here are the key figures Protos cites from HTX’s proof-of-reserves.
| Asset | Total claimed on HTX reserves | Native amount | “ThirdParty” portion (as cited by Protos) |
|---|---|---|---|
| BTC | 20,922.77 BTC | 8,691.6 BTC (41.5%) | 1,719 BTC (8% of total) |
| ETH | 109,573 ETH | 4,006 ETH (3.7%) | 76,515 ETH (70% of total) |
| U (Usual Stablecoin) | $38,446,011 | Mostly TRON and BNB Chain | 46% moved to ThirdParty |
| USDC | $238,931,193 | Not specified as “native” in the excerpt | $237,470,509 (more than 99%) moved to ThirdParty |
| USDT | $906,548,772 | <1% on AVAX, ETH, TRON | ~ $819 million moved to ThirdParty |
Those numbers matter because “moved” is not the same as “gone,” but it also is not the same as “held with the exchange.” Protos frames the shift as apparent relocation to a new custodian, without any public identification of that custodian.
BTC and ETH: tokenization and custody risk stack
On Bitcoin, Protos says HTX claims 20,922.77 BTC on exchange. It breaks that down into two big non-native buckets.
First, almost half is tokenized BTC issued on TRON. Protos reports 10,422.9 BTC, or 49.8%, as tokenized BTC on Sun-founded TRON via Poloniex. Second, Protos says 1,719 BTC, or 8% of the total, is the “ThirdParty” portion.
Protos also highlights a separate disclosure gap tied to Poloniex. It reports that Poloniex proof-of-reserves and WBTC backing are missing, that Poloniex refuses to disclose where collateral for its tokenized BTC is held, and that the circulating supply for that token exceeds the total BTC disclosed in its proof-of-reserves. Protos notes this is “troubling,” even before you factor in HTX’s “ThirdParty” move.
Ether tells an even starker custody story. Protos reports that HTX’s 109,573 ETH claim includes only 4,006 ETH (3.7%) as native ETH held on the Ethereum blockchain by HTX. It then lists 29,051 ETH (26.5%) as staked ether (stETH). But the largest share is transferred away from HTX: 76,515 ETH, or 70% of the total, goes to the undisclosed “ThirdParty.”
Stablecoins: nearly all USDC and most USDT sit in the dark
Stablecoins are where the disclosure problem turns from annoying to consequential.
For USDC, Protos says HTX claims $238,931,193 worth of USDC on the exchange. Then it reports that $237,470,509, more than 99%, has been moved to ThirdParty. USDC here is Circle-issued, according to Protos.
For USDT, Protos describes a similarly lopsided reserve picture. HTX claims $906,548,772 in USDT reserves, but Protos says less than 1% sits as native USDT across Avalanche, Ethereum, and TRON. It also cites approximately $39 million in staked tether and describes additional lent components via Aave and JustLent. Still, Protos reports that the largest portion, approximately $819 million, has been moved to ThirdParty.
Protos also flags that USDT “on BNB Chain” is no longer an official Tether-issued chain, citing the excerpt’s observation that this is not an official chain.
The bigger context HTX now has to survive
Protos does not treat the “ThirdParty” shift as isolated. It says the move compounds existing problems in HTX reserves.
Those include additional lending exposure in Sun-founded JustLend for TRX on exchange, and a separate dispute and enforcement environment. Protos reports that World Liberty Financial has recently chosen to blacklist addresses related to HTX, and that the UK has sanctioned HTX for helping provide financial services to key industries in Russia.
None of that proves that “ThirdParty” balances are unsafe. But it does explain why Protos’ reader consequence is sharper than a spreadsheet tweak. If HTX won’t identify custodians publicly, users and auditors get fewer ways to pressure-check control.
If the reserves matter, the custodians should be named. Protos says HTX has not provided that explanation yet.