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#美国加征关税 #美国加征关税 Cryptocurrency Major Incident: Sun Yuchen and FTD Clash, the Whereabouts of 50 Billion Stablecoin Reserves Become a Mystery
Stablecoin Turmoil: The Dispute Between Sun Yuchen and FTD
(1) The Catalyst of the Incident
A tweet from Sun Yuchen triggered the “hair removal” of FDUSD. The FDUSD issued by FTD is pegged to the US dollar and is subject to US regulatory policies. However, Sun Yuchen revealed that the TUSD reserves managed by FTD reached 50.1 billion USD but refused to redeem, and the company may face bankruptcy. FTD responded that the refusal to redeem was due to concerns about AML, KYC, and doubts about the identity of the ultimate beneficial owners.
(2) Incident Review
In 2023, Binance's stablecoin BUSD came under regulatory scrutiny and needed to be liquidated, so Sun Yuchen acquired TUSD to fill the gap. Binance required that assets be held by the original BUSD team, and both parties established the FTD company. However, months later, FTD issued FDUSD, and Binance immediately stopped supporting TUSD. Recently, Sun Yuchen discovered that the TUSD custodial funds might have been misappropriated and sought redress from FTD in vain, even calling out Zhao Changpeng in the community, sparking heated discussions in the market. On April 2, the FDUSD/ESDT trading pair price on the BN platform fluctuated sharply, with FDUSD briefly dropping to 0.89 USD, deviating from the 1:1 pegging mechanism.
(3) Industry Reflection
This incident has intensified market attention on the transparency of stablecoin reserves and trust mechanisms. The centralized system carries black swan risks; in the Web3 field, investors should not place blind faith in regulation, as holding private keys is the key to ensuring asset security.
Stablecoin Turmoil: The Dispute Between Sun Yuchen and FTD
(1) The Catalyst of the Incident
A tweet from Sun Yuchen triggered the “hair removal” of FDUSD. The FDUSD issued by FTD is pegged to the US dollar and is subject to US regulatory policies. However, Sun Yuchen revealed that the TUSD reserves managed by FTD reached 50.1 billion USD but refused to redeem, and the company may face bankruptcy. FTD responded that the refusal to redeem was due to concerns about AML, KYC, and doubts about the identity of the ultimate beneficial owners.
(2) Incident Review
In 2023, Binance's stablecoin BUSD came under regulatory scrutiny and needed to be liquidated, so Sun Yuchen acquired TUSD to fill the gap. Binance required that assets be held by the original BUSD team, and both parties established the FTD company. However, months later, FTD issued FDUSD, and Binance immediately stopped supporting TUSD. Recently, Sun Yuchen discovered that the TUSD custodial funds might have been misappropriated and sought redress from FTD in vain, even calling out Zhao Changpeng in the community, sparking heated discussions in the market. On April 2, the FDUSD/ESDT trading pair price on the BN platform fluctuated sharply, with FDUSD briefly dropping to 0.89 USD, deviating from the 1:1 pegging mechanism.
(3) Industry Reflection
This incident has intensified market attention on the transparency of stablecoin reserves and trust mechanisms. The centralized system carries black swan risks; in the Web3 field, investors should not place blind faith in regulation, as holding private keys is the key to ensuring asset security.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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