TRON Inc., a digital asset treasury company focused on TRX, was receiving its daily TRX from an HTX-linked wallet until shortly after UK sanctions were imposed on a related entity, according to a report from Protos.
Protos said TRON Inc. is advised by Justin Sun and chaired by Weike Sun, Justin Sun’s father.
TRON Inc.’s treasury wallet was previously funded by HTX 4
The report said TEySEZLJf6rs2mCujGpDEsgoMVWKLAk9mT is the treasury address for TRON Inc. Protos said it identified that wallet through the company’s daily posts on X and a press release attached to its Form 8-K.
That address had been receiving daily TRX purchases from TFTWNgDBkQ5wQoP8RXpRznnHvAVV8x5jLu, which TRONSCAN labels as HTX 4. Protos added that HTX 4 had previously appeared in HTX proof-of-reserves disclosures.
The transfer route changed after the UK sanctions on May 26
Protos said the pattern began to change a few days after the UK Foreign, Commonwealth & Development Office sanctioned Huobi Global S.A., which the report described as an entity related to the HTX exchange.
The sanctions took effect on May 26. Daily transfers from HTX 4 continued until the final one on May 29.
Also on May 29, HTX 4 funded TYyriWzf7AW75hwiVB4oDBrJGThidZuRTd with a single TRX. Protos referred to that address as TYyr. It then received more TRX, allowing TYyr to take over as the address sending daily TRX to TRON Inc.
Protos also said TYyr received TRX from TK86Qm97uM848dMk8G7xNbJB7zG1uW3h1n, an address labeled HTX 5 that is still disclosed in HTX proof-of-reserves records.
TRON Inc. now generally receives TRX from another address
The report said TRON Inc. now generally receives TRX from TWhDfwC8QE6pQyiYy248dNor3uphPEw5M2. Most of the TRX reaching that address comes from Binance, though it has also received funds from HTX-affiliated wallets.
Disclosures cited BiT Global as both seller and custodian
Protos said TRON Inc.’s prior disclosures noted that the company bought TRX from Justin Sun-linked BiT Global as part of its dollar-cost-averaging daily purchases.
The report added that TRON Inc. also said it hired BiT Global to act as custodian for the treasury wallet. Protos quoted the disclosure as saying: "The Company retains sole control of the treasury wallet and private keys in Hong Kong. Mr. Weike Sun and Mr. Zi Yang, our directors, are authorized by the board to make the arrangement for safeguarding and operating the private keys of the treasury wallet."
Board overlap and other Sun-linked ties were also noted
According to Protos, one of TRON Inc.’s directors, Zhihong Liu, is also a director of BiT Global Trust Limited in Hong Kong. The report also said BiT Global is one of the custodians for Wrapped Bitcoin, which Protos described as Justin Sun-advised.
Protos said these transactions, described as coming from BiT Global while tracing back to HTX-controlled wallets and then moving to Justin Sun-advised TRON Inc., point to deep ties among Sun-linked entities.
