HONG KONG—It was a battle of stablecoin issuers Thursday afternoon in Hong Kong, with Justin Sun, the founder of the Tron blockchain, and First Digital Trust (FDT), a Hong Kong-based fiduciary, holding press conferences over allegations of fund misappropriation involving Techteryx’s TrueUSD reserves.
Sun doubled down on claims that TrueUSD’s reserves were “misappropriated by a few bad actors,” leading to him needing to quietly bail out the stablecoin.
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🚨I’m exposing a major international financial fraud involving traditional financial institutions and Web3 platforms in Hong Kong.—LIVE NOW. https://t.co/wmCpV7sIcI
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— H.E. Justin Sun 🍌 (@justinsuntron) April 3, 2025
Sun pointed a finger the Hong Kong regulatory framework surrounding trusts, arguing at the press conference that loopholes and loose rules
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