One of the most controversial names in crypton Justin Sun He is constantly struggling to take part in the heart of chaos. The name, which has been confronted with constant criticism due to suspicious works involved in the past, has now caused one of the popular stablecoins to fall 12 percent.
FDUSD drop
TechteryxAccording to the documents he submitted to the in Hong Kong court, Trueusd (TUSD) Stablecoin had a 456 million dollars in their reserves from mid -2023 to the beginning of 2024. The source of this deficit would be the (non -liquid) investments that were made outside Techteryx’s knowledge and permission.
Justin Sun, on the other hand, has previously announced that it has contributed only as a consultant to the project, but provided urgent liquidity support to keep TUSD alive during the crisis. This support was committed as a loan in the court documents. Techteryx worked with the first Digital Trust (FDT), Hong Kong -based institution for the management of reserves after taking over TUSD from Truecoin in 2020. According to the documents, FDT directed 456 million dollars to Dubai -based Aria Commodities DMCC. The money was transferred here because the FDT was instructed to invest in Aria Commodity Finance Fund (Aria CFF) registered to Cayman Islands. Aria CFF was controlled by Matthew Britain via Aria Capital Management LTD, and DMCC’s wife Cecilia Britain said.
Techteryx, as of July 2023 TUSDHe took all his operational control and ended his partnership with Truecoin. FDT CEO Vincent Chok denied his role in these losses by explaining that all transactions were carried out in accordance with Techteryx’s instructions and that FDT was not obliged to evaluate investment decisions.
Issued by the first digital trust (FDT) FDUSDDue to the latest court documents and Sun’s allegations, around 12 percent decreased today. The connection of TUSD and FDT is also within the scope of reserve management services.
Sun’s sharing of bankruptcy about the following bankruptcy was the panic thing.
“First Digital Trust (FDT) has actually went bankrupt and cannot fulfill its customer fund interests. His reputation as a global financial center is in danger and similar financial fraud events should never be experienced again. ”
The FDUSD team announced that there was no problem with their sharing.
“Justin Sun’s latest claims to First Digital Trust are completely wrong. This dispute is not about TUSD, not $ FDUSD. First Digital has the power to pay completely.
Every dollar that supports FDUSD is completely accounted for with a safe, safe and US-backed T-Bills. The exact heating numbers of all FDUSD’s reserves are specified in our certification report and clearly accountable.
This is a typical Justin Sun smear campaign trying to attack someone who is competing with his job. As we said to the Coindesk correspondent, we have not yet had the opportunity to defend ourselves, and instead of allowing the TUSD issue to be handled in court, Justin resorted to a coordinated social media effort to try to harm Fdusd as a commercial competitor. FDT will resort to legal remedies to protect its rights and reputation. ”
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
