Breaking news from the crypto world, folks! 🚨 It seems like Justin Sun, the king of Tron (TRX), has just spilled the tea on First Digital Trust (FDT). Turns out, they’ve got some serious financial troubles brewing. 🍵 On a late-night post, Sun exposed FDT’s inability to pay their debts, citing some major flaws in their risk management system. Can you say “oopsie”? 😳
Sun’s calling for the cavalry – aka regulators and law enforcement – to step in and save the day. He’s worried about Hong Kong’s rep as a finance powerhouse and wants to nip any future mishaps in the bud. 🛡️
Save the users, save HK 🇭🇰
FDT is flat broke and can’t make good on client funds. My advice? Run, don’t walk, to secure your assets. There are more holes in their trust licensing than Swiss cheese…— H.E. Justin Sun (@justinsuntron) April 2, 2025
Stay tuned for Sun’s press conference on April 3rd. 🗓️
The Market Meltdown 📉
As the news hit the market, FDUSD, Binance‘s stablecoin backed by real money 💸, took a nosedive. It’s currently trading at a measly 97 cents. Yikes! This mid-cap stablecoin, worth about $2.54 billion, lost its peg for the first time, plummeting to 91 cents before Yi He, Binance’s co-founder, cleared the air. 🌬️
He confirmed that Sun is taking TrueUSD (TUSD) to court. But fear not, Binance is on top of it, ensuring customer safety remains their top priority. 🕵️♂️
Sun’s suing TUSD, not FDUSD. Phew!
— Yi He (@heyibinance) April 2, 2025
He reassured everyone that even if Sun’s tweets came out of nowhere, Binance had their own risk control measures in place. They’re actively monitoring the situation and investigating the matter. Looks like it was a busy night for the Binance team! 🌙
1, Sun’s surprise tweets, but Binance’s got this. We’ll keep an eye on the funds and have our own risk control. 🕵️♂️
2, Post-listing, Binance’s trying to get to the bottom of FDUSD’s situation. Midnight calls were made. 📞
3, No secret insider groups here. People are asking about FDUSD’s fate. Stay tuned…— Yi He (@heyibinance) April 2, 2025
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2025-04-02 20:23