Justin Sun’s Bitcoin Stash on HTX Surpasses Half of the Exchange’s Reserves

Justin Sun, the founder of TRON and an advisor of HTX, has revealed his massive Bitcoin holdings on the cryptocurrency exchange. In a screenshot shared on X, Sun showed that he owns 28,614 BTC, worth over $1.6 billion at the current price. This amount is more than half of the total Bitcoin reserves held by HTX, according to its website.

Sun Defends His HTX Usage Amid Regulatory Challenges

Sun’s disclosure came as a response to some critics who claimed that he seldom uses HTX, the exchange that he advises and supports. Sun said that he is a heavy user of HTX and that his personal use is the same as all HTX users, believing and trading. He also added that he uses almost all main exchanges and is a supporter of those exchanges.

Sun’s statement is also seen as a way to boost the confidence and reputation of HTX, which has faced some regulatory hurdles in the past. HTX, formerly known as Huobi, rebranded itself in January 2024 to focus on the international market and comply with the local laws and regulations. However, it recently withdrew its application for a license in Hong Kong, without disclosing the reason.

Sun Faces SEC Lawsuit Over Alleged Fraud and Manipulation

Sun’s revelation of his Bitcoin holdings also comes at a time when he is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) over alleged fraud, market manipulation, and selling unregistered securities. The SEC accused Sun and his companies, Tron Foundation, BitTorrent Foundation, and Rainberry, of violating the securities laws by offering and selling Tronix (TRX) and BitTorrent (BTT) tokens without registering them.

The SEC also charged Sun and his companies with fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership. Moreover, the SEC alleged that Sun orchestrated a scheme to pay celebrities to promote TRX and BTT without disclosing their compensation.

Sun Continues to Expand His Crypto Portfolio and Influence

Despite the legal troubles, Sun has not stopped expanding his crypto portfolio and influence in the industry. He recently withdrew $60 million worth of altcoins from Binance in one month, according to Lookonchain, an on-chain intelligence provider. Sun withdrew the most assets in Ethereum, worth $43 million, followed by Aave, Shiba Inu, Chainlink, and Decentraland.

Sun also made headlines for his high-profile purchases of crypto-related artworks and collectibles. He bought a Beeple NFT for $6 million, a Picasso painting for $20 million, and a CryptoPunk for $7.5 million. He also bid $1 million for Jack Dorsey’s first tweet, but lost to another bidder who offered $2.5 million.

Sun’s Bitcoin stash on HTX is another testament to his wealth and power in the crypto space, as well as his support for the exchange that he advises. However, it also raises questions about his legal status and his role in the market.