First Digital Takes Legal Action Against Justin Sun Over False Claims
First Digital plans to take legal action against Tron founder Justin Sun.
FDUSD has regained its peg to the dollar today after First Digital burned 87 million tokens.
The stablecoin lost its dollar peg yesterday when Justin Sun claimed that First Digital was bankrupt.
First Digital has assured its users of its continued support for the FDUSD coin at a 1:1 ratio, and the redemption channel is operating smoothly. The first batch of redemption requests has been completed, ensuring the restoration of FDUSD to its dollar exchange rate. First Digital has demonstrated its commitment to maintaining the stablecoin with this move.
First Digital announced in its latest post on platform X that the initial redemptions have been completed after a wave of doubt and skepticism. It also clarified that the FDUSD coin is still fully backed at a 1:1 ratio, and all redemption requests will continue.
Wu Blockchain reported that First Digital burned approximately 87 million tokens in the last 24 hours, according to PeckShield. The token burn helped the FDUSD coin regain its peg to the US dollar today. Even CoinMarketCap, which tracks live cryptocurrency prices, confirmed that FDUSD has regained its dollar peg.
