Hong Kong: It was a battle of Stablecoin emitters on Thursday afternoon in Hong Kong, with Justin Sun, the founder of Tron Blockchain, and First Digital Trust (FDT), a fiduciary with headquarters in Hong Kong, which has press conferences about accusations of appropriation of funds that involve Techteryx Trueusd reserves.
Sun doubled with the statements that Trueusd’s reserves were “embezzled by some bad actors,” which led him to silently rescue the stablecoin.
🚨 I am exposing an important international financial fraud that involves traditional financial institutions and web 3 platforms in Hong Kong. https://t.co/wmcpv7Sici
– He Justin Sun 🍌 (@justinsuncron) April 3, 2025
Sun pointed with his finger the regulatory frame of Hong Kong around the trusts, arguing at the press conference that the lagoons and loose rules allowed the alleged improper appropriation to occur.
“This situation highlights a serious challenge for the integrity of the financial system that must be addressed,” he said. “I found it difficult to believe the fraud scale orchestrated by a long list of licensed intermediaries.”
Sun even said that at the moment, Hong Kong’s trust companies should be completely avoided, and urged regulators to take decisive measures to safeguard the city’s world financial reputation.
For that case, Sun could have an ally in the form of Hong Kong Kong Johnny NG, called the city web3 political. He published a statement by saying that he is aware of multiple reports this year of alleged fraud that exploits trusted companies, and acknowledged that local regulation should be improved.
First Digital Trust denies all accusations
After Sun’s press conference, First Digital Trust held his own event in X, with the CEO Vincent Chok saying that Sun had not yet produced “a solid evidence” to support his statements.
FDT followed his fiduciary duties, acted in the best interest of customers, complied with Sun’s instructions and his nominees, which were signed by Techteryx directors, and pointed out that the company is subject to third -party audits, Chok said.
Chok, however, acknowledged that he previously ignored the family connection between Aria CFF and Aria DMCC, the funds where Tusd reserves are maintained.
In a complaint to the Department of Justice, Techteryx said Aria CFF, the fund he said, is authorized to celebrate Trueusd reserves, Matthew Brittain Administer. Aria DMCC, which Techteryx said it is not authorized, is controlled by its spouse, Cecilia Brittain.
Chok said FDT is working to recover funds, but Techteryx’s knowledge problems apparently have the things that the beneficial owner of Techteryx (KYC) and anti-launch of money involving the best beneficial owner of Techteryx are holding things.
He also rejected Sun’s claims in an X publication that First Digital Trust cannot comply with the obligations for redemption of his FDUSD Stablecoin. Token is still very solvent, said Chok.
FDT said he plans to follow legal actions on Sun’s statements.
Previously, the company published examples of data in the chain that show refunds.
