Justin Sun Calls for Reform of Hong Kong's Trust Laws After TUSD Misappropriation Allegations

Justin Sun Reports $500M Embezzlement at First Digital Trust to Hong Kong Authorities

Justin Sun reports $500M embezzlement at First Digital Trust to Hong Kong authorities, alleging severe financial misconducts.

Hong Kong lawmaker calls for support of Web3 sector as Tron founder flags fraud

The call comes after cryptocurrency mogul Justin Sun denounced alleged ‘loopholes’ in Hong Kong’s trust regulations.

Justin Sun Calls for Reform of Hong Kong's Trust Laws After TUSD Misappropriation Allegations

Sun said at a press conference that the current laws contain systemic loopholes.

Justin Sun Accuses First Digital Trust of $500M Misappropriation, Prompting FDUSD Depeg and TUSD Bailout

Justin Sun, founder of the Tron blockchain, has accused First Digital Trust (FDT) of misappropriating $500 million in client reserve funds, leading to a significant depeg of the stablecoin FDUSD. Sun claims that FDT, which manages the reserves for both TrueUSD (TUSD) and FDUSD, is insolvent and unable to process client redemptions. This situation prompted Sun to quietly bail out TUSD after $456 million in reserves became illiquid due to the acti…

Tron's Justin Sun Allegedly Provided Emergency Loan to Stabilize TUSD Stablecoin

Justin Sun provided emergency funding to TrueUSD after $456 million in reserves were allegedly misappropriated that caused a major liquidity crisis.