cyrpto action, FDUSD, issuer, Justin, legal, Sun, takes Mark April 4, 2025 0 Comments

Justin Sun takes legal action against FDUSD issuer

The founder of Tron, Justin Sun, launched a legal process against First Digital Trust, the transmitter behind the stablecoin Fdusd, accusing him of diverting nearly $ 500 million from customer funds.

In a position on April 3 in X, Sun said he had met the Hong Kong Johnny Wu legislator to report the case and submitted related documents to local regulators and judicial authorities. The alleged diversion focuses on FDT treatment of customer assets, which, according to Sun, has been diverted.

I met the member of the Hong Kong Legislative Council, Johnny Wu, and I pointed out the case of embezzlement involving nearly $ 500 million in customer reserve funds by First Digital Trust (FDT). We have submitted relevant documents to the regulatory and judicial authorities. We are fully confident … https://t.co/gje4jnwkbt

– Il Justin Sun 🍌 (@justinsuntron) April 3, 2025

Sun described the incident as “major international financial fraud involving traditional financial institutions and web platforms”, and said that it was time to expose how “gaps in the trust industry” were exploited.

The same day, Sun organized a live podcast to expose more what he called serious irregularities, warning that the FDT was effectively insolvent And always operating under the cover of a public trust.

Johnny Wu publicly approached the case, confirming that he had met the complainants and raised the issue of the Legislative Council. “If the allegations are true, the law enforcement authorities will certainly take action,” he said. NG stressed the solid legal system of Hong Kong, declaring that “international investors should not worry about a single incident.”

According to the media, a web 3 company complained today that it suspected that it had been illegally transferred $ 500 million to assets by a trust company in Hong Kong. I also responded to the legislative council incident and met the person at that time to appeal. Many friends and industry media asked me questions about the opinions on the incident, and I have the following answers:

1.… pic.twitter.com/qm29sfsv1f

– Johnny ng wu jiezhuang (@johnny_nkc) April 3, 2025

The accusations of Sun, which started on April 2, had briefly caused the first digital USD (Fdusd) to lose your dollar and fall as low as $ 0.87. The stablecoin has since stabilized, negotiating at $ 0.99 as at the time of the press. In response to Sun, the FDT denied all complaints and declared that FDUSD remains fully supported 1: 1 by cash invoices in cash and in the United States.

Fdt rejected Sun’s claims as “false information” and a “smear campaign”. The company warned that it would take legal action to defend its name and accused Sun of disseminating false information. Binance, which contains most of the FDUSD diet, confirmed Support 1: 1 of the stablecoin in an update. His last certificate showed $ 2.05 billion in reserves on March 1.