{"id":70014,"date":"2024-01-27T03:36:10","date_gmt":"2024-01-27T07:36:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=70014"},"modified":"2024-01-27T03:39:00","modified_gmt":"2024-01-27T07:39:00","slug":"htx-temporarily-suspends-proof-of-reserves","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/htx-temporarily-suspends-proof-of-reserves\/","title":{"rendered":"HTX Temporarily Suspends Proof-Of-Reserves"},"content":{"rendered":"\n

HTX, a cryptocurrency exchange that was once known as Huobi, abruptly disabled its proof-of-reserves function<\/a>.<\/p>\n\n\n\n

\"HTX
HTX Temporarily Suspends Proof-Of-Reserves Amid TUSD Concerns<\/figcaption><\/figure>\n\n\n\n

Popular fintech analyst Adam Cochran\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Managing Partner at Cinneamhain Ventures, made this statement. This comes at the same time as the stablecoin TrueUSD (TUSD), which has been connected to HTX shareholder Justin Sun, has reportedly been having trouble maintaining its $1 value for more than two weeks. <\/p>\n\n\n\n

Cochran also pointed out that, despite the most recent audit reporting close to $300 million, HTX only had $120 million in ETH holdings according to real-time data from DefiLlama. <\/p>\n\n\n\n

\n

2\/8

Their live reporting on DefiLlama shows only about $120M in ETH assets despite their last audit claiming closer to $300M in raw ETH. pic.twitter.com\/JFBqADzq27<\/use><\/svg><\/span><\/a><\/p>— Adam Cochran (adamscochran.eth) (@adamscochran) January 26, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

The proof-of-reserves page for HTX did not show any details about the exchange's cryptocurrency holdings<\/a> earlier. Important information needed to be momentarily added to the screen, including reserve ratios, wallet balances, and user asset totals. <\/p>\n\n\n\n

The timing of this brief outage is dubious, especially considering the current issues with TUSD, even though the page has now been restored.<\/p>\n\n\n\n

\"TrueUSD
TrueUSD depegs again on Friday | Source: CoinMarketCap<\/figcaption><\/figure>\n\n\n\n

This incident comes after TUSD was under increased investigation, mainly because of its alleged lack of complete backing. According to CoinMarketCap, TUSD's market value has fallen below $1 since January 7th.<\/p>\n\n\n\n

Worries grew earlier in the month when TrueUSD could not provide prompt attestations confirming that it had sufficient US dollar holdings<\/a> to support the stablecoin. This lack of transparency led to speculation that TrueUSD might not be fully collateralized.<\/p>\n","protected":false},"excerpt":{"rendered":"

HTX, a cryptocurrency exchange that was once known as Huobi, abruptly disabled its proof-of-reserves function. Popular fintech analyst Adam Cochran , Managing Partner at Cinneamhain Ventures, made this statement. This comes at the same time as the stablecoin TrueUSD (TUSD), which has been connected to HTX shareholder Justin Sun, has reportedly been having trouble maintaining […]<\/p>\n","protected":false},"author":43,"featured_media":70016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15004,18096,12927],"class_list":["post-70014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-tusd","tag-htx","tag-proof-of-reserves"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/croc_1706339892853.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=70014"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/70016"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=70014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=70014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=70014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}