Huobi
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 53. Problems weighed by who is responsible: concerns that are not fraud −9.6, the subject's own conduct −8, incidents the subject suffered −3.2, problems around the subject, caused by others −1.6; legitimacy credit long-running +10; fact-check adjustments (+10) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -8 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -1.6 |
| Long-running | +10 |
| Sum | 53 |
Score: 53/100 (kept between 0 and 100)
How scoring works →Summary
Huobi, rebranded to HTX in September 2023, is a major centralized cryptocurrency exchange founded in 2013 that came under the de facto control of Tron founder Justin Sun in late 2022. The exchange has suffered three significant security incidents since September 2023, faces extensive regulatory non-compliance across multiple jurisdictions, and its proof-of-reserves methodology has been subject to credible allegations of double-counting and asset manipulation by investigative outlets.
Connected Entities
9 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- Justin Sun→mentioned with→Ethereum(65%)
- Justin Sun→mentioned with→Bitcoin(70%)
- Justin Sun→mentioned with→TRON(70%)
- Heco Bridge→mentioned with→Justin Sun(80%)
- Huobi→mentioned with→Justin Sun(80%)
- Huobi→mentioned with→Rainberry Inc(80%)
- Huobi→mentioned with→Soulja Boy (DeAndre Cortez Way)(80%)
- Justin Sun→mentioned with→Rainberry Inc(80%)
- Justin Sun→mentioned with→Soulja Boy (DeAndre Cortez Way)(80%)
- + 21 more
Timeline(14 events)
September 2013
Huobi founded by Leon Li and Du Jun; begins live Bitcoin trading
2014
Huobi raises $10 million from angel investors and Sequoia Capital
September 2017
China bans domestic crypto trading and ICOs; Huobi begins international expansion
August 2018
Huobi becomes a publicly listed Hong Kong company
October 2022
Leon Li sells controlling stake to About Capital Management, associated with Justin Sun
6 January 2023
Huobi confirms 20% staff layoffs (~320 employees); insolvency rumors circulate; Sun dismisses concerns as 'pure FUD'
22 March 2023
U.S. SEC charges Justin Sun, Tron Foundation, BitTorrent Foundation, and Rainberry with fraud, wash trading, and unregistered securities sales
13 September 2023
Huobi rebrands to HTX at TOKEN2049 Singapore; Justin Sun announces rebrand personally
24 September 2023
HTX hot wallet drained of approximately 4,999 ETH (~$7.9 million); Sun offers white-hat bounty
22 November 2023
HECO Chain bridge and HTX hot wallets exploited via alleged private key compromise; combined losses estimated at $99–115 million; $258 million in subsequent user withdrawals reported
11 January 2024
Protos publishes investigation alleging HTX double-counted USDD collateral in its proof-of-reserves and deployed 92% of USDT reserves into DeFi lending
27 February 2024
HTX's Hong Kong subsidiary withdraws VATP license application from the SFC for the first time
14 May 2024
HTX's Hong Kong subsidiary withdraws VATP license application for the second and final time; ordered to cease HK operations by August 2024
5 March 2026
SEC dismisses charges against Justin Sun and Tron/BitTorrent Foundations; Rainberry pays $10 million civil penalty; critics allege outcome linked to Sun's $75–90 million in Trump-affiliated crypto investments
Decision Log
- slot 457817844 · hash EQbX4oEFcvno2Qb2AnCqT6F27UVDRrqzyKmvpSG6S5ZZ
- slot 455365602 · hash Du6EGBGoKY2MsQkvCRp6n6u8cTCXXP75uxXGQC2dZyg5
- slot 426514940 · hash JBLp4KxBshMMizQZkGVkGU89WwYVWU9xBfrZ6EnsNFAq
- slot 426514938 · hash 6FMh9d2v68FtbryNNa22GZPyy47HLm5xUs6EZyvhGhUA
- slot 420848167 · hash 4TY7ZnK6T9yUjkgv2Pf75Z5VyzPaVB4hXiuz7MdN5qQT
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 23 of 26 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:36 AM
last updated: 10/10/2026, 6:45:51 PM
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