Recently, HTX, a crypto exchange advised by Justin Sun, received a substantial amount of Tether (USDT) worth $500 million. The funds were quickly moved between addresses and distributed to various non-HTX addresses. A review of HTX's proof-of-reserves process revealed that the exchange had disclosed a total of $696 million USDT, out of which $552 million USDT was lent on AAVE. This meant that HTX only had around $145 million USDT that wasn't lent out. However, the exchange received an additional $500 million directly from the Tether Treasury, which was not previously listed on the proof-of-reserves document. The majority of these funds, $400 million, were transferred to another address and then largely distributed to another HTX address. From there, the funds were sent to different addresses on the TRON network and no longer seem to be under the control of HTX. The reasons behind this significant influx of assets to HTX and the distribution process remain unclear, as does the reason for a large portion of HTX's liquid USDT reserves being lent on AAVE.



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