Justin Sun, the creator of the Tron network, holds more than a quarter of assets on the HTX (formerly Huobi) exchange reserves, as indicated by a screenshot of his wallet balance shared on social media platform X (formerly Twitter) on Feb. 27.

While the screenshot lacks a detailed breakdown of his portfolio, Sun's total crypto holdings on the platform amount to around 28,614 Bitcoin units, valued at approximately $1.6 billion.

Sun disclosed this wallet balance to emphasize his significant involvement with HTX, a crypto exchange where he serves as an advisor. This disclosure was prompted by widespread social media allegations questioning his level of activity on the platform.

Sun clarified, "Personally, I use almost all main exchanges and am a supporter of those exchanges. However, if someone says I seldom use HTX.com, that would be inaccurate. I am a heavy user of HTX. My personal use of HTX is the same as all HTX users, believing and trading."

However, Sun's screenshot sparked debates within the crypto community, with some suggesting that the image might be fake.

Adam Cochran, a partner at VC firm Cinneamhain Ventures, pointed out the discrepancy between Sun's balance and HTX's reported Bitcoin holdings. He remarked, "So Sun is claiming his personal HTX balance of BTC is more than the entire amount of BTC that HTX reports in wallets (as sourced by DeFiLlama). So either fake or HTX has no real users other than Sun, or he commingles their assets as his."

Analysis from various on-chain service providers, including Arkham Intelligence and DeFiLlama, indicates that Sun's assets make up a significant portion of the HTX reserves, albeit with some differences in estimation.

According to Arkham Intelligence's HTX dashboard, Sun's assets represent around 27% of the exchange's total reserves, valued at $5.9 billion. The dashboard highlights holdings of over 23,700 BTC valued at $1.4 billion and 9.3 billion Tron tokens estimated at $1.3 billion among the exchange's top holdings.

In contrast, data from DeFiLlama suggests that Sun's assets make up nearly 50% of HTX reserves, with the exchange's reserves valued at approximately $3.83 billion.

HTX's publicly disclosed reserve certificates indicate holdings of nearly $3.5 billion in assets as of Feb. 1, including 540 million USDT, 21,543 BTC, 109,000 Ethereum units, and 9.4 billion TRX tokens.