 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
Cryptocurrency News Articles
title: Tron founder Justin Sun has publicly declared that First Digital Trust, a Hong Kong-based fiduciary
Apr 02, 2025 at 11:58 pm
input: Tron founder Justin Sun has publicly declared that First Digital Trust, a Hong Kong-based fiduciary, is insolvent and unable to fulfill client fund redemptions.
Tron founder Justin Sun has taken to X to announce that Hong Kong-based fiduciary First Digital Trust (FDT) is insolvent and unable to fulfill client fund redemptions.
Tron founder Justin Sun has taken to X to announce that Hong Kong-based fiduciary First Digital Trust (FDT) is insolvent and unable to fulfill client fund redemptions.
His statement comes after court filings revealed that nearly $456 million of TrueUSD (TUSD) stablecoin reserves were rendered illiquid due to unauthorized investments.
His statement comes after court filings revealed that nearly $456 million of TrueUSD (TUSD) stablecoin reserves were rendered illiquid due to unauthorized investments.
Techteryx, the issuer of TUSD, had entrusted FDT with managing its reserves. However, according to filings, FDT was supposed to invest the funds in tranches into Aria Commodity Finance Fund, a Cayman Islands-registered entity, to generate interest and capital gains.
Techteryx, the issuer of TUSD, had entrusted FDT with managing its reserves. However, according to filings, FDT was supposed to invest the funds in tranches into Aria Commodity Finance Fund, a Cayman Islands-registered entity, to generate interest and capital gains.
Instead, the money was allegedly funneled into an unauthorized Dubai-based entity, Aria Commodities DMCC, which is not a registered or licensed fund in Hong Kong.
Instead, the money was allegedly funneled into an unauthorized Dubai-based entity, Aria Commodities DMCC, which is not a registered or licensed fund in Hong Kong.
As reported by CoinDesk, Sun provided emergency funding to Techteryx to support TUSD and mitigate the shortfall in its stablecoin reserves.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
