BREAKING NEWS: Tron Founder Justin Sun Has Made A New Statement About FDUSD

The cryptocurrency market was heavily impacted yesterday after Justin Sun announced that First Digital, the issuer of FDUSD, had gone bankrupt. This announcement led to a sharp fall in the price of FDUSD, which was supposed to be pegged at 1 dollar, dropping to a low of 0.87 dollars. Although the token has somewhat recovered since then, it has not yet fully returned to the expected parity level of 1 dollar. After the market's strong reaction, Sun issued a new statement reiterating his concerns about First Digital Trust (FDT) and the company's operations. In his latest statement, Sun declared that FDT had failed to meet customer redemption requests and had essentially lost its ability to pay. Nevertheless, he stated that the company continues to operate as a public trust in Hong Kong, highlighting significant legal vulnerabilities. Expressing deep concern about the integrity of Hong Kong's financial ecosystem, Sun stated: "As seen in the case of FDT, there appear to be clear loopholes in the trust industry in Hong Kong to circumvent financial and banking laws. These not only pose risks to the public but also endanger Hong Kong's reputation as a global financial center." He urged regulatory and law enforcement agencies in Hong Kong to take decisive action to address these issues and prevent further financial risks to the public. In addition to raising concerns about regulation, Sun noted that the stablecoin TUSD Techteryx is actively pursuing legal action against FDT: "I am determined to support Techteryx and ensure that all scammers face the full force of the law. They will never be allowed to defraud the public under the guise of a licensed organization in Hong Kong or anywhere else again." At the time of writing, the price of FDUSD is trading at $0.9795 and is extremely volatile.

We would like to remind you that all types of cryptocurrencies, including stablecoins, carry high risks and there is a risk of losing all invested funds, including the principal. Users need to do their own research and stay away from these tokens, which currently seem much riskier and highly volatile.