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{"actor":"system:backfill","investigation_id":"65e60ee1-c09f-49f5-8b47-53a556e664e3","kind":"publish","page_slug":"huobi","published_at":"2026-05-19T21:12:22.187Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Huobi","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://en.wikipedia.org/wiki/HTX_(cryptocurrency_exchange)"},{"credibility":3,"name":"","type":"other","url":"https://www.theblock.co/post/250931/justin-sun-hopes-htx-rebrand-will-help-exchange-keep-pace-with-rivals-global-expansion"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.bloomberg.com/news/newsletters/2023-09-21/in-justin-sun-s-huobi-rebrand-to-htx-there-are-echoes-of-ftx"},{"credibility":3,"name":"","type":"other","url":"https://www.theblock.co/post/250931/justin-sun-hopes-htx-rebrand-will-help-exchange-keep-pace-with-rivals-global-expansion"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/justin-sun-stored-usdd-reserves-at-htx-for-proof-of-reserves/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.financemagnates.com/cryptocurrency/huobi-globals-htx-hit-by-79-million-crypto-heist-offers-hacker-white-hat-deal/"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/tech/2023/11/22/justin-sun-confirms-htx-heco-chain-exploited-after-100m-in-suspicious-transfers"},{"credibility":3,"name":"","type":"other","url":"https://hacken.io/insights/heco-bridge-hack-explained/"},{"credibility":3,"name":"","type":"other","url":"https://www.certik.com/resources/blog/heco-bridge-exploit"},{"credibility":3,"name":"","type":"other","url":"https://www.pymnts.com/cryptocurrency/2023/crypto-platform-htx-loses-258-million-in-withdrawals-after-hack/"},{"credibility":3,"name":"","type":"other","url":"https://www.elliptic.co/blog/north-korean-hackers-return-to-tornado-cash-despite-sanctions"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/business/2024/05/15/huobi-hong-kong-withdraws-license-application-for-the-second-time"},{"credibility":3,"name":"","type":"other","url":"https://cryptonews.com/news/htx-withdraws-hong-kong-crypto-license-application-again/"},{"credibility":3,"name":"","type":"other","url":"https://bitpinas.com/regulation/sec-advisory-htx-huobi"},{"credibility":3,"name":"","type":"other","url":"https://www.shoosmiths.com/insights/comment/regulatory-challenges-in-the-cryptocurrency-world-binance-and-htx-huobi"},{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/newsroom/press-releases/2023-59"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.sec.gov/newsroom/press-releases/2023-59"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/policy/2023/03/22/tron-founder-justin-sun-sued-by-us-sec-on-securities-market-manipulation-charges"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/policy/2026/03/05/sec-justin-sun-reach-settlement-over-tron-lawsuit"},{"credibility":3,"name":"","type":"other","url":"https://www.bloomberg.com/news/articles/2026-03-05/sec-ends-case-against-crypto-billionaire-justin-sun"},{"credibility":3,"name":"","type":"other","url":"https://www.banking.senate.gov/newsroom/minority/warren-statement-on-the-sec-dropping-its-case-against-justin-sun"},{"credibility":3,"name":"","type":"other","url":"https://www.cryptotimes.io/2026/03/06/justin-sun-gave-trump-75m-now-his-sec-fraud-case-has-been-dismissed/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://protos.com/justin-sun-stored-usdd-reserves-at-htx-for-proof-of-reserves/"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/justin-sun-advised-htx-plays-games-with-its-reserves/"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/justin-sun-defends-htx-while-it-lends-92-percent-of-its-usdt-on-aave-1/"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/justin-suns-htx-redeems-500m-in-wbtc-it-wasnt-supposed-to-have/"},{"credibility":3,"name":"","type":"other","url":"https://www.cnbc.com/2023/01/06/crypto-exchange-huobi-to-lay-off-20percent-of-workforce.html"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/justin-sun-confirms-20-staff-cuts-at-huobi-amid-insolvency-rumors/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/tech/2023/11/22/justin-sun-confirms-htx-heco-chain-exploited-after-100m-in-suspicious-transfers"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/justin-sun-stored-usdd-reserves-at-htx-for-proof-of-reserves/"},{"credibility":3,"name":"","type":"other","url":"https://www.trustpilot.com/review/htx.com"},{"credibility":3,"name":"","type":"other","url":"https://cryptonews.com/news/htx-withdraws-hong-kong-crypto-license-application-again/"}]}],"sources_used":[],"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.","timeline":[{"date":"2013-09-01","event":"Huobi founded by Leon Li and Du Jun; begins live Bitcoin trading","source":""},{"date":"2014-01-01","event":"Huobi raises $10 million from angel investors and Sequoia Capital","source":""},{"date":"2017-09-01","event":"China bans domestic crypto trading and ICOs; Huobi begins international expansion","source":""},{"date":"2018-08-01","event":"Huobi becomes a publicly listed Hong Kong company","source":""},{"date":"2022-10-01","event":"Leon Li sells controlling stake to About Capital Management, associated with Justin Sun","source":""},{"date":"2023-01-06","event":"Huobi confirms 20% staff layoffs (~320 employees); insolvency rumors circulate; Sun dismisses concerns as 'pure FUD'","source":""},{"date":"2023-03-22","event":"U.S. SEC charges Justin Sun, Tron Foundation, BitTorrent Foundation, and Rainberry with fraud, wash trading, and unregistered securities sales","source":""},{"date":"2023-09-13","event":"Huobi rebrands to HTX at TOKEN2049 Singapore; Justin Sun announces rebrand personally","source":""},{"date":"2023-09-24","event":"HTX hot wallet drained of approximately 4,999 ETH (~$7.9 million); Sun offers white-hat bounty","source":""},{"date":"2023-11-22","event":"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","source":""},{"date":"2024-01-11","event":"Protos publishes investigation alleging HTX double-counted USDD collateral in its proof-of-reserves and deployed 92% of USDT reserves into DeFi lending","source":""},{"date":"2024-02-27","event":"HTX's Hong Kong subsidiary withdraws VATP license application from the SFC for the first time","source":""},{"date":"2024-05-14","event":"HTX's Hong Kong subsidiary withdraws VATP license application for the second and final time; ordered to cease HK operations by August 2024","source":""},{"date":"2026-03-05","event":"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","source":""}]},"v":1}