After acquiring the $TUSD stablecoin, Sun Yuchen minted new coins and entrusted their reserves (approximately $500 million) to FDT for management. However, FDT colluded with TUSD's management to embezzle these funds and refused to redeem them for Sun Yuchen. FDT argued that Sun Yuchen had KYC/AML issues, leading both parties to end up in court.

More intriguingly, after the $BUSD crisis, Binance initially strongly supported Sun Yuchen's TUSD but suddenly shifted to fully support the issuance of $FDUSD by FDT, leaving the reasons behind this move puzzling.

Although CoinDesk's lengthy report did not reach a definitive conclusion, there are indeed many doubts regarding the reserves of $FDUSD that warrant further investigation. It is worth mentioning that Sun Yuchen has suffered several setbacks in recent years — the TUSD incident, disputes with Li Lin, theft at Huobi, artworks being resold, etc. Fortunately, the transaction fee revenue from the Tron network remains stable, limiting the impact of these losses on him.

Who do you think won this time, and who lost money?