CandleFocus Justin Sun-advised HTX has redeemed 7,300 WBTC it did not disclose
2024-12-02
Author: Content Editor
The Justin Sun-advised crypto exchange, HTX, has been redeeming a large amount of wrapped bitcoin (WBTC) without disclosing it. The redemptions, which started on November 24, have totaled approximately 7,300 bitcoins, a significant portion of HTX's proof-of-reserves. Despite the lack of transparency and inclusion of WBTC in the proof-of-reserves, the redemptions were processed quickly by WBTC. This has raised concerns about Sun's involvement in the custody of WBTC and may reignite controversy surrounding him. Sun is also facing a lawsuit from the SEC for alleged misconduct in wash-trading and price manipulation. HTX has not yet responded to requests for clarification on these issues.
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