HTX's proof of reserves doesn't match its blockchain balances

What happened

The article says HTX claimed in its September proof of reserves that it held 360,949 and 90 USDS at block height 25876316, but the address actually contained 0 USDS.

Confirmed

Global impact / market context

If an exchange says it holds customer funds that are not actually at the stated address, people may lose trust in that exchange and withdraw money, which can pressure its cash available to repay customers.

Analyst inference

This mismatch between reported reserves and on-chain balances raises questions about how crypto exchanges prove customer funds exist. Weaker confidence can reduce trading activity, push investors to hold assets elsewhere, and invite closer regulatory scrutiny.

Analyst inference

What to watch

1. The article says HTX reported 360,949 and 90 USDS at block height 25876316 in its September proof of reserves, while the address held 0 USDS. Confirmed
2. HTX could publish corrected reserve data or explain the discrepancy, which would clarify whether the reported USDS balance was a data or reporting error. Proposed
3. Watch whether customers withdraw funds from HTX, whether USDS trading changes, and whether regulators review the exchange’s proof of reserves process. Analyst inference

Affected assets

• HTX — HTX DAO
• USDS — USDS

Evidence

• protos.com