Sun Yuchen was suspected of misappropriating 460 million stUSDT? It was just a misunderstanding
In the early morning of July 12, Beijing time, Ki Young Ju, founder and CEO of the on-chain data analysis platform CryptoQuant, posted a tweet saying that Justin Sun had opened a long position of Bitcoin at $67,000 on Huobi HTX on June 9, with a position of up to $420 million, and the collateral was $460 million in stUSDT.
This immediately gave rise to the idea of encryptionCommunitySoon, voices questioning Sun Yuchen's "misappropriation of user funds" began to spread. But in fact, Ki Young Ju deleted the tweet shortly after posting it, saying that he needed to "clarify some things with the Huobi HTX team" and promised to make public "their (Huobi HTX) insights on the proof of reserves" after discussion.
On the evening of July 12, Ki Young Ju shared the results of his communication with Huobi HTX and gave a full picture of the incident. The reason for his doubts was that he found that the value of the open BTC-USDT futures positions on Huobi HTX had increased fivefold in the past two months to $515 million, while its USDT reserves were still about $24 million. He therefore suspected that stUSDT was used as collateral. Huobi HTX's feedback indicated that stUSDT and aEthUSDXiaobai NavigationT can be used equivalently on the platform. “It seems that stUSDT or aEthUSDT is indeed used as collateral for futures trading.” Ki Young Ju said.
Earlier, Justin Sun had personally clarified that he was not long on Bitcoin. As for the increase in futures positions on Huobi HTX, Ki Young Ju believes that "HTX customers are likely to open futures positions after being able to use stUSDT and aEthUSDT freely."
At this point, the truth of this incident has been revealed. The initial controversy was just due to some misunderstandings of Huobi HTX reserves by Ki Young Ju. Ki Young Ju has always had a high reputation. As a data expert, raising questions and expressing doubts in the public domain can undoubtedly promote the development of the industry and improve transparency. Based on the principle of seeking truth from facts, he deleted the controversial tweets in a timely manner and communicated the progress publicly to avoid causing greater misunderstandings and harm, which also reflects his objective and neutral attitude and consistent professionalism.
In the crypto world, user assetsSafetyIt is the most important thing.exchangeThis is a red line that must not be crossed, so it is no wonder that many people are concerned about this incident and express their concerns. Huobi HTX has always attached great importance to user assets.Safety, previously it would "not touch user assets and stick toSafetyThe bottom line is placed at the top of the industry initiative, promising 100% redemption and updating the Merkle tree reserve proof every month. It has been announced 21 times so far, and the reserve rate has always been above 100%. In response to this incident, Huobi HTX made an official statement, "Huobi HTX does not comment on the personal financial status of our advisors or anyone else. Our reserves are fully guaranteed and customer funds will never be misappropriated. The value of AaveUSDT and stUSDT in the reserves is equivalent to USDT and can be converted at any time as needed."
With the active communication between Huobi HTX and Ki Young Ju, and Justin Sun’s timely explanation of the situation, the FUD caused by this incident should come to an end.CommunityAnd user attentionSafetyProblem, yesexchange和行业领袖起到监督作用，这对行业进步大有好处；而交易所和行业领袖在恪守安全准则的同时，坚持坦诚、公开、透明，耐心化解误会，自然无须惧怕FUD。
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