Justin Sun, founder of TRON and a key figure in the Web3 ecosystem, has accused First Digital Trust (FDT), the issuer of the FDUSD stablecoin, of mismanaging nearly $500 million in user assets. According to Sun, this act of financial misconduct could even surpass the infamous collapse of FTX in terms of recklessness and damage.
Sun's allegations focus on an unauthorized transfer of $456 million in user funds to a third party based in Dubai. He claims that the transfer was made without user approval and without safeguards, highlighting a disturbing lack of internal control mechanisms. Unlike FTX, which at least maintained the illusion of structure through secured loans, the alleged actions of FDT appear completely unregulated and opaque.
Sun did not hesitate to mention the CEO of FDT, Vincent Chok, accusing him of deliberately evading public scrutiny following the scandal. While Sun acknowledged that the founder of FTX, Sam Bankman-Fried, made several critical mistakes, he pointed out that SBF attempted to cooperate with regulators and took steps to recover user funds. In contrast, he criticized Chok for remaining silent and showing no signs of accountability or commitment.
According to Sun, the lack of transparency and public information reflects not only poor leadership but also intentional evasion. This, he argued, raises serious concerns about the overall integrity of the FDUSD ecosystem.
Sun urged the Hong Kong government to intervene with the same urgency and decisiveness that U.S. regulators demonstrated during the FTX crisis. He warned that Hong Kong's ambition to become a global financial hub is at risk if it does not act swiftly to restore market confidence.
$50 million reward for whistleblowers and investigators.
To support a thorough investigation, Sun has launched a $50 million reward program aimed at uncovering all parties involved and exposing the full extent of the incident. He also confirmed that he is in talks with Hong Kong legislator Johnny Wu, indicating that the legal process is already gaining momentum.