Tron founder Justin Sun has renewed his accusations against First Digital Trust (FDT), claiming that the company transferred $500 million of client funds to banks in Dubai.
In a post on X from May 3, Sun stated that the funds were distributed among several institutions, including Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank (ADIB), and EFG.
Tron founder calls on Dubai to investigate FDT
Sun also named several individuals he believes were involved in authorizing or facilitating these transfers. Among them are Christian Alexander Bionke, De Lorraine Elbuef, FDT CEO Vincent Chok, Yai Sukonthabund, Matthew William Brittain, and Cecilia Teresa Brittain.
According to him, these individuals held leadership positions in FDT and related structures, which allegedly gave them the authority and access needed to misappropriate client assets. Sun's accusations come amid Dubai positioning itself as a global hub for crypto innovations. Over the past few years, the authorities have introduced several pro-crypto initiatives that have attracted international attention and investments.
Against this background, Sun urged local banks, regulators, and government bodies to take immediate action to investigate the transfers and freeze any suspicious inflows.
He also insisted on conducting internal audits, publicly disclosing any anomalies, and actively cooperating with the involved institutions.
«I once again call on the Dubai government, regulators, and banks to act quickly and decisively. Dubai should not become a safe haven for fraud and money laundering. Banks must conduct internal checks, immediately freeze suspicious incoming funds, and proactively report them. Do not become enablers of criminal activity,» said Sun.
These accusations add to the growing conflict between Sun and the Hong Kong custodian.
Last month, he compared the alleged misappropriation at FDT to the FTX scandal, calling it "much worse" as it did not involve a collateralized loan structure or user approvals.
Sun launched a $50 million reward program to support investigations, uncover further details, and hold those responsible accountable. He also launched a dedicated website to expose the alleged fraud.
FDT denies all accusations and has filed a defamation lawsuit against Sun. Meanwhile, Hong Kong regulators have begun reviewing the conduct of local trust companies in light of these allegations. Since the conflict began, the market capitalization of FDT's stablecoin FDUSD has significantly decreased. According to BeInCrypto, the market capitalization of the stablecoin has dropped from over $2.5 billion to approximately $1.4 billion at the time of publication.#Write2Earn #BinanceSquare #Binance #Dubai_Crypto_Group #cryoto $TRX
