In a surprising turn of events, Justin Sun, a prominent figure within the Tron (TRX) ecosystem, has revealed that First Digital Trust (FDT), a technically driven financial institution established in Hong Kong, is effective insolvent and is unable to cover its obligations. In an X -post on 2 April during the late Western financial markets, Sun noted that FDT has an important Maas in the internal risk management of its financial systems and the trustlitema process in Hong Kong.
“I insist on supervisors and law enforcement to take action quickly to tackle these issues and to prevent further large losses. noted.
Protect users and protect HK
First Digital Trust (FDT) is effective insolvent and cannot be fulfilled with repayments of customer funds. I strongly recommend users to take immediate action to secure their assets. There are important meshes in both trustlicense process in …
– He Justin Sun
(@justinsuntron) April 2, 2025
In the meantime, Sun will issue a press conference with regard to the unfolding crisis on 3 April.
Market effect
After the announcement, FDUSD, Fiat-Stunder Stablecoins, who are directly supported by Binance Exchange fell more than 2 percent to trade around 97 cents at the time of this letter. The Mid-Cap Stablecoin, with a completely diluted appreciation of around $ 2.54 billion and a daily average trading volume of around $ 6.9 billion, has for the first time eliminated to as low as 91 cents, before Yi he clarified the air.
According to Binance co-founder, Sun Truusd complains (Tusdsuing Truusd (TUSD), which has an FDV of around $ 495 million and a trade volume of about $ 56 million. He noticed, however, that Binance follows the issue to ensure the safety of customers.
孙哥和 tusd 打官司 不是 不是 fdusd.
– Yi he (@Heyibinance) April 2, 2025
“Nobody knew that brother Sun would tweet in the middle of the night, but Binance launched the Stablecoin of Launchpool. We will check the funds regularly and we have our own risk control. Binance post-listing is also looking for Fdusd, tries to understand the situation and have people calling in the middle of the night.” He is just logical assessment. “He is just logical assessment.” He is just logical assessment. “
