$FDUSD
Justin Sun stated on his social media that the issuer of FDUSD, First Digital Trust (FDT), has declared bankruptcy and is unable to meet its obligations to redeem customer funds. In light of this, it is highly recommended that users take immediate action to protect their assets.
The case exposes significant flaws in the licensing process for trust funds in Hong Kong, as well as in the internal risk management of the financial system. Regulators and law enforcement authorities have been urged to act urgently to mitigate impacts and prevent further losses.
Hong Kong's reputation as a global financial center is at risk, and it is crucial that measures are adopted to prevent future cases of financial fraud.
Justin Sun "Protect users, protect Hong Kong
First Digital Trust (FDT) is effectively insolvent and unable to fulfill its obligations for customer fund redemptions. I strongly urge users to take immediate action to ensure the safety of their assets. There are significant loopholes in Hong Kong's trust license approval process and in the internal risk control of the financial system. I call on regulatory and law enforcement agencies to swiftly intervene, identify issues, and prevent further significant losses. Hong Kong's reputation as a global financial center is facing severe challenges, and similar financial fraud incidents must not occur again."
