“Sun Said at A Press Conference that the Current Laws Contain Systemic Loopholes.”, – WRITE: www.coindesk.com
Sun Doubled Down on Claims that Trueusd’s Reserves Were “MISAPPROPRATED BY A FEW BAD ACTORS,” LEADING TO HIM NEEDING TO QUietly Bail Out the Stablecoin.
🚨I’M Exposing A Majoor International Financial Fraud Involving Traditional Financial Institutions and Web3 Platforms in Hong Kong. —Live now. https://t.co/wmcpv7sici
– Hustin Sun 🍌 (@justinsuntron) April 3, 2025
Sun Pointed A Finger The Hong Kong Regulatory Framework Surrowing Trusts, Arguing at the Press Conference that Laopholes and Loose Rules Allowed the Alleged Misapriopration to Occur.
“This Sitation Highlights A Serious Challenge to the Integrity of the Financial System That Must Be Added,” He Said. “I Found It Hard to Belve the Scale of Fraud Orchestrated by a Long List of Licensed Intermediarians.”
Sun Even Said that for the Time Being, Hong Kong Trust Companies Should Be Avoided Entirely, and URGED REGULATORS TO DAKE DECISIVE ACTION TO SAFEGUAR
For that Case, Sun Might Have An Ally in the Shape of Hong Kong Lawmaker Johnny NG – Called The City’s Web3 Politician. He Released A Statement Saying That He’s Aware of Multiple Reports This Year of Alleged Fraud Exploiting Trust Companies, and Acknowedged that Local Regulation Needs to Improved.
First Digital Trust Denies All AllegationsAfter Sun’s Press Conference, First Digital Trust Held It Own Event on X, with Ceo Vincent Chok Saying Sun Had Yet to Produce “One Solid Piece of Evidence” to Back Up His Claims.
Fdt followed itucium duties, acted in clients’ Best Interes, Complied with Instructions from Sun and His nominees, which were sigrated off by the techteryx Directors Third-Party Audits, Chok Said.
Chok, However, Acknowledged He Was Previoously Unaware of the Familial Connection Between Arria CFF and Aria DMCC – The Funds WHERE TUSD’S reserves are Held Up.
In a complint to the department of justice, Techteryx Noted that Arria CF, The Fund It Said is Authorized to Hold Trueusd’s Reserves is Managed by Matthew Britt. Aria DMCC, WHICH Techteryx SAID IS UNAUTORIZED, IS Controlled By His Spause, Cecilia Brittain.
Chok Said Fdt is Working to Recover Funds, But Know-Your-Customer (KyC) and Anti-Money Laundering (AML) Issues Involving the Ultimate Beneficial.
He Also Rejected Sun’s Claims in A Post on X that first Digital Trust is Unable to Fulfill Redemption Obligations of ITS FDUSD STABLECOIN. The token is Still Very Much Solvent, Chok Said.
FDT SAID IT Plans to Pursue Legal Action Over Sun’s Claims.
Earlier, The Company Posted Examples of On-Chain Data Showing Redemptions Going Through.
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