{"id":154598,"date":"2025-04-03T15:45:35","date_gmt":"2025-04-03T12:45:35","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=154598"},"modified":"2025-04-03T15:45:45","modified_gmt":"2025-04-03T12:45:45","slug":"justin-sun-sparks-controversy-over-fdusd-insolvency-claims","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/justin-sun-sparks-controversy-over-fdusd-insolvency-claims\/","title":{"rendered":"Justin Sun Sparks Controversy Over FDUSD Insolvency Claims"},"content":{"rendered":"<p>Tron founder and well-known crypto figure Justin Sun took to social media platform X, <strong><a href=\"https:\/\/x.com\/justinsuntron\/status\/1907453967652786522\" target=\"_blank\">urging<\/a><\/strong> his followers to act swiftly to protect their investments in FDUSD, a stablecoin operated by First Digital Trust (FDT). Sun stressed the need for regulatory intervention to curb potential losses and safeguard Hong Kong\u2019s standing as a global financial hub.<\/p>\n<p>According to Sun, FDT is essentially insolvent and incapable of redeeming client funds. He advised users to promptly secure their assets, pointing out what he described as serious flaws within Hong Kong\u2019s trust licensing and financial risk management systems.<\/p>\n<p>Sun called on authorities to intervene rapidly to prevent further damage, emphasizing that incidents like these could tarnish Hong Kong\u2019s reputation as a leading financial center.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/best-crypto-to-buy-now-amid-uk-trade-bodies-call-for-stronger-blockchain-policies\/\" title=\"Best Crypto to Buy Now Amid UK Trade Bodies&#8217; Call for Stronger Blockchain Policies\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2025\/04\/UK-trading-bodies-240x170.png\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Best Crypto to Buy Now Amid UK Trade Bodies&#8217; Call for Stronger Blockchain Policies<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>In contrast, First Digital Trust dismissed Sun\u2019s accusations as entirely unfounded and announced plans to take legal action to defend its name. The company clarified that the dispute involved TUSD rather than FDUSD and insisted that its financial position remained solid. FDT asserted that all reserves backing FDUSD were safe, secured with US Treasury Bills, and thoroughly documented in its attestation report.<\/p>\n<p>FDT claimed that Sun\u2019s statements were part of a calculated smear campaign intended to harm a business rival. The company expressed frustration that it hadn\u2019t been given a fair chance to respond to the allegations, adding that it would take legal steps to protect its reputation from what it described as an orchestrated social media attack.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A stablecoin lost its peg to the US dollar on Wednesday morning, following allegations that the company behind it, based in Hong Kong, was facing bankruptcy.<\/p>\n","protected":false},"author":3,"featured_media":23502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[22,24],"tags":[],"class_list":["post-154598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","category-altcoins"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Justin Sun Sparks Controversy Over FDUSD Insolvency Claims - 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