TrueUSD presyoTUSD

Tron founder Justin Sun has escalated his battle against First Digital Trust (FDT), accusing the Hong Kong-based firm of fraud in a $456 million TrueUSD (TUSD) embezzlement scandal, following his announcement of a $50 million bounty on April 4, 2025. Sun alleges FDT misappropriated TUSD reserves by transferring funds to Aria Commodities DMCC in Dubai, a company reportedly controlled by the wife of FDT’s CEO, Vincent Chok, for unauthorized high-risk investments. Hong Kong authorities have vowed swift action if Sun’s claims are substantiated, amid growing scrutiny of the city’s role as a global financial hub. FDT has denied the allegations, labeling them a smear campaign, and insists its finances are stable while distancing its FDUSD stablecoin from the TUSD controversy. Sun’s legal push follows his personal injection of $456 million to stabilize TUSD, after FDT allegedly continued fraudulent activities, including a $15.5 million commission siphoned through a shell entity called “Glass Door.” The $50 million bounty, roughly 10% of the stolen funds, has sparked global interest among bounty hunters and law enforcement, aiming to expose the culprits behind the alleged scam. This case highlights ongoing challenges in the crypto sector, where regulatory loopholes and decentralized systems often complicate fund recovery, as noted in a 2020 Lexology report on Hong Kong’s cyber fraud trends. #TronBounty #CryptoFraud #HongKongFinance

On April 2, the US House Financial Services Committee passed the STABLE Act, which now needs to pass a full House vote and then a Senate vote in its next stages of approval into law. The Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act was passed with a 32 to 17 vote. The legislation, formally titled the “Stablecoin Tethering and Bank Licensing Enforcement” Act, was introduced in 2020 and failed to pass . It originally aimed to regulate stablecoin issuers by requiring them to obtain banking charters and follow traditional banking regulations. The current STABLE Act, introduced again in its amended form in March, differs slightly from a similar bill introduced in 2023. It gives the Office of the Comptroller of the Currency (OCC) “the authority to approve and supervise federally qualified nonbank payment stablecoin issuers,” according to Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chair Bryan Steil. “The STABLE Act protects consumers while cementing the US Dollar as the world’s reserve currency and promoting the next generation of Web3 businesses here in the United States,” said Steil. “I am happy to support the STABLE Act and continue the House Committee on Financial Services’ work to advance stablecoin regulation that protects a robust state pathway,” said Republican Representative Mike Flood. “Stablecoins can not only help Americans grow their wealth but also promote U.S. values and leadership both here at home and around the world,” added California Representative Young Kim. Meanwhile, Congressman Dan Meuser said the legislation will “make payments faster, cheaper, and more accessible, reducing costs to the benefit of businesses and consumers alike.” Other stablecoin-related bills are also going through the Congressional voting process, including the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which defines reserve rules for stablecoin issuers. The stablecoin ecosystem is currently dominated by two players: Tether, which has a 60% market share with $144 billion USDT in circulation, and Circle, with a 25% share and $60 billion USDC circulating. USDS, formerly known as Maker’s DAI, is the third-largest stablecoin with $8 billion in circulation and a 3.4% market share. Earlier this week, Circle filed for a long-awaited initial public offering with the US Securities and Exchange Commission. Meanwhile, Binance has delisted several stablecoins, including USDT, DAI, and TUSD, in European markets to comply with stringent MiCA regulations.

First Digital Trust, the issuer of the FDUSD stablecoin, has refuted recent allegations by Justin Sun. First Digital Trust labeled the allegations as false and unrelated to its operations. In a statement on X, FDT clarified that the controversy involves TrueUSD, not FDUSD ( FDUSD ). “This dispute is with TUSD and not with $FDUSD. First Digital is completely solvent,” FDT posted. The firm emphasized that FDUSD is fully backed by U.S. Treasury bills, with reserve details transparently outlined in its attestation reports. On April 2, Justin Sun claimed that First Digital Trust was insolvent after mismanaging nearly $456 million in TrueUSD reserves. Legal filings revealed that the funds were diverted into unauthorized investments, prompting Sun to provide emergency funding to Techteryx. “This is a typical Justin Sun smear campaign to attack a competitor,” FDT stated, accusing Sun of attempting to damage its business through a coordinated social media effort rather than allowing the TUSD dispute to be resolved in court. FDT reaffirmed its solvency and the security of FDUSD reserves, adding that all funds are accounted for with verifiable ISIN numbers. The company also announced plans to take legal action to defend its rights and reputation.

📢Tron founder @justinsuntron accused First Digital Trust of not redeeming $TUSD's $501M reserve. 💰 Justin Sun also stated that the HK financial institution was bankrupt which FDT has later denied. 🇭🇰 📌The firm's stablecoin FDUSD dropped from the $1 peg and crashed to

$fdusd 脱锚事件分析 1. 孙哥之前买了TUSD业务 2. TUSD由FDT（也是$fdusd的发行方）托管，损失了5亿美金 3. 孙哥状告FDT，指出FDT资不抵债，引起$fdusd脱锚 4. FDT披露3月份的三方审计报告，指出FDUSD可以1:1兑换 5. @heyibinance 指出孙哥控告的是TUSD，不是FDUSD 6. Wintermute