TRM: HTX Rotated Wallets Across Chains After UK Sanctions

Blockchain intelligence firm TRM Labs reported that HTX rotated hot and deposit wallets across TRON, Ethereum, BNB Smart Chain and Solana after the United Kingdom imposed sanctions on the exchange. TRM described the activity as rebuilding on-chain infrastructure and creating a “continuous moving target” for compliance teams.

TRM reported that HTX retired hot wallets and funding addresses on a rapid cycle, moving activity to fresh addresses within hours. The firm warned that address block lists tied to specific HTX addresses often become outdated within hours and that screening must track patterns and behavior rather than relying only on static address lists.

The UK Office of Financial Sanctions Implementation designated Huobi Global S.A., the entity identified with HTX, on May 26. The UK announcement cited concerns that the entity had channelled funds to Russia and identified HTX as a major global exchange suspected of moving more than $1.5 billion to Kremlin-linked actors.

TRM compared HTX’s wallet rotation to tactics it has seen from other sanctioned or well-resourced actors that remain active by adapting their on-chain setup. The firm referenced a March 2025 takedown of the Russian exchange Garantex and the subsequent appearance of a successor platform as a parallel, while noting HTX continued operating under the same brand and changed activity at the wallet level.

TRM noted that U.S. Treasury’s Office of Foreign Assets Control and the European Union had not designated HTX, which means formal freeze obligations currently apply only to UK-regulated firms. The firm advised compliance teams to treat the exchange as an elevated sanctions-evasion risk because rapid wallet turnover can defeat conventional address-based screening.

HTX issued a statement rejecting the report’s framing, describing the technical activities flagged by TRM as “routine, security-driven platform operations common across the industry” and asserting that user funds remain safe. The exchange has previously contested the UK designation, arguing the listed legal entity is distinct from the online HTX platform.

Regulatory scrutiny of HTX extends beyond the sanctions. The UK Financial Conduct Authority opened enforcement proceedings earlier this year accusing the exchange of illegally promoting crypto services to UK consumers; HTX restricted new UK sign-ups in response to the FCA action.

HTX is owned and advised by Justin Sun. The exchange reported more than $3 trillion in trading volume in 2025. UK authorities say their designation is based on ownership links and fund flows, while HTX maintains the on-chain changes reflect routine security and operational practices.