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We all realize that Justin Sun is punting his remaining money between his entities in a desperate attempt to convince people he is solvent, right?

Let's start with the basics: Sun sent the collateral for his stablecoin, USDD, to HTX (formerly Huobi), and it's included in the proof-of-reserves for that exchange.

Justin Sun stored USDD reserves at HTX for proof-of-reserves

That's already pretty damn suspicious if you ask me. But that's not where it ends.

Sun also recently took to X to brag about how much money he has on HTX, showing a 'personal HTX account balance' of 28,613 BTC.

Fun fact: that's about 200% more than the total amount of real Bitcoin that HTX had at the last proof of reserves!

Justin Sun has more bitcoin on HTX than the exchange held last month

I should acknowledge that HTX does claim to have more bitcoin than I just suggested, but this bitcoin is a wrapped-bitcoin-on-Tron offered by Sun-owned exchange Poloniex.

Poloniex, for its part, refuses to provide any information about where the actual bitcoins for this product are held. Also, it has yet to complete its promised proof-of-reserves.

Poloniex proof-of-reserves and WBTC backing missing

To summarize:

Poloniex, a Sun-owned exchange, has never completed its proof-of-reserves – something Sun himself promised.
Poloniex, a Sun-owned exchange, refuses to reveal where the bitcoins for its wrapped-bitcoin-on-Tron product are held.
HTX, a Sun-advised (he almost definitely owns it) exchange, includes funds that are meant to be collateralizing USDD as part of its proof-of-reserves process.
HTX, a Sun-advised exchange, had far fewer bitcoins than Sun's balance at the last proof-of-reserves.

Seems suspicious!