Last night, Tron founder Sun Yuchen directly fired shots on the X platform saying that the First Digital Trust (FDT) is already insolvent, and redeeming customer funds has become a problem, strongly suggesting that everyone 'act quickly to protect their assets!'
Sun Yuchen's full-on attack on FDUSD caused the stablecoin FDUSD to suddenly 'plummet' last night, with the price crashing from 1 dollar to 0.87 dollars, a decoupling of as much as 13%.
At this time, the Queen Mother He Yi sits with the boy SISI, bringing magical treasures to the group to cast spells, delivering the holy decree:
FDusdF can be redeemed 1:1, as said by Sister He Yi.
FDUSD was instantly pulled back to 0.98+, and the battle between SISI and Sun Yuchen probably played out like this. It feels a bit like a fantasy novel, with demons doing evil and powerful beings sitting with their apprentices to stabilize the situation.
Binance vs. Sun: 10 years of friendship completely shattered.
Behind this farce is the complete break between Binance and Sun Yuchen.
As an early 'top player' of Binance, Sun Yuchen has gradually drifted away from Binance in recent years due to actions like acquiring Huobi. This time, his attack on FDUSD is viewed in the industry as a 'precise strike' against Binance—both as revenge for CZ's refusal to attend MetaEra last year due to Sun's participation and as an attempt to influence Binance's entry into Hong Kong. After all, nothing shakes trust in Binance more than exposing problems with the stablecoins it supports.
Binance is in emergency firefighting mode: the 0.98 dollar defense battle.
After the outbreak of the crisis, Binance co-founder He Yi personally stepped in to announce in the community that 'FDUSD can be redeemed 1:1.'
This operation is comparable to the 'rescue' in a fantasy novel, with the price quickly pulled back to 0.98 dollars. However, although the officials insist that the reserves are safe, the lack of an independent audit report still leaves investors feeling uneasy.
Sun Yuchen's 'mysterious backing' and the dark battle in Hong Kong.
Sun Yuchen's daring move against Binance is rumored to be because he completed funding for a certain political family and received a commitment from zz. This stablecoin storm is just the tip of the iceberg in the power struggle among top players in the crypto space.
How should retail investors respond? Stay away from new stablecoins:
Old stablecoins like USDT and USDC are relatively reliable; don't easily try new coins;
Beware of black swans: Sun Yuchen's 'remote shouting' may trigger severe market fluctuations, so use stop-loss orders when trading;
Pay attention to regulatory trends: Hong Kong's attitude towards cryptocurrencies will directly affect the market's future direction.
The cryptocurrency space has never been shallow, and this FDUSD incident once again confirms the truth that 'stablecoins are not stable.'
Remember: in the crypto market, there is no absolute safety, only eternal competition.
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