- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Justin Sun accuses First Digital Trust of allegedly misusing $500 million
By: coinfea|2025/05/05 17:30:01
0
Share
Tron founder Justin Sun has accused First Digital Trust of moving $500 million in user funds to banks in Dubai. He also urged the Dubai government to act on the matter and stand against fraud and money laundering. He also called on the country’s regulators to stand firm against financial crimes.In an X post, Sun named several individuals who he believed could be part of the fraud case, including Christian Alexander Boehnke, De Lorraine Elbouef, Vincent Chok, Yai Sukonthabhund, Matthew William Brittain, and Cecilia Teresa Brittain. Sun claimed they moved thousands of dollars using Hong Kong’s FDT and Legacy Trust into several banks in Dubai, including Mashreq Bank, ADIB, Emirates NBD, and EFG.Justin Sun accuses FDT of fraudMost of the mentioned individuals held executive positions at FDT, like Vincent Chok, the CEO and director of FDT and Legacy Trust, and Yai Sukonthabhund, an investment manager and advisor of both companies. Sun has called on the Dubai government, regulators, and banks to act swiftly and decisively, stressing that Dubai must not become a haven for fraud and money laundering.He urged banks to conduct internal reviews, immediately freeze suspicious inflows, and proactively report them to authorities. “Do not become enablers of criminal activity. I remain confident that the authorities in Dubai and UAE will take firm action and stand with us in the global fight against financial crime,” he said.He also argued that despite FTX’s misuse of users’ funds, the company maintained internal records that characterized the criminal activity as pledged loans. FTT, SRM, and MAPS were used as acceptable collateral for their illegal activity, contrary to FDT, which stole funds directly without user authorization and knowledge.Sun even argued that at least some of FTX’s funds went into investments in firms like Robinhood and Anthropic, while FDT moved funds into their private entities and none in investments. He even threw shade at FDT CEO Vincent Chok Zhuo for not being remorseful. He said the CEO had “no interest in accepting any responsibility or being accountable.”In addition, he urged the Hong Kong government to act quickly like its US counterparts did when it dealt with FTX’s collapse. He also met with Hong Kong lawmaker Johnny Wu to discuss possible regulatory measures. Sun has also launched a $50 million reward program to help the ongoing investigation. He even had a website to reveal the alleged scheme.FDT, however, has said Sun’s allegations were unfounded and has subsequently sued him for slander. Sun’s claim has also appeared to garner some interest from lawmakers. Hong Kong regulators recently began taking a closer look at local trust companies. In the meantime, the market cap for FDT’s stablecoin, FDUSD, has fallen from over $2.5 billion to about $1.4 billion.The post Justin Sun accuses First Digital Trust of allegedly misusing $500 million first appeared on Coinfea.
You may also like
Dune Stablecoin Research: The Flow and Demand of a $300 Billion Market
In the dataset, transfers are no longer simply labeled as pure "transaction volume," but are classified as different on-chain activities. This is the difference between "just knowing that $100 trillion has been transferred" and "understanding why it was transferred."
Stripe Annual Letter: New cognitive density is extremely high, especially the 5-level model of "AI + Payments"
Every trend here is affecting everyone's future survival.
Sam Altman's Twenty-Four Hours: The Pentagon said "no" twice, but only one was serious
In Silicon Valley, Altman's sub-12-hour move has a name. It's not called backstabbing, it's called timing.
The US-Iran Conflict Spreads to the Crypto Space: What to Expect in the Market on Monday
The most important industry in the crypto world, only 300 kilometers away from the missile's impact point
Lily Liu, the chair of the Solana Foundation, shouted "Don't waste time on crypto," is the crypto industry really dead?
The interest of the younger generation is shifting from cryptocurrency to the field of artificial intelligence, which coincides with the current phenomenon in the cryptocurrency industry.
The little deer live by the water and grass
Mining companies have never been the most devout believers in Bitcoin. Under the pressures of halving compressing profits, financial reports showing revenue growth without profit increase, and coin prices falling below mining costs, the industry is collectively de-risking.
The world belongs to Chinese people who speak English
The world is vast, and only playing half of it is truly a loss.
Why Stop at 126K? Michael Saylor Breaks Down BTC Stagnation and Retail Absence Truth
Bitcoin is digital capital, and I will spend a thousand hours explaining it to you. Eventually, you will understand, but you will still have to endure a 45% crash.
Virtuals Protocol's inaugural Titan project: ROBO aims to give a wallet to a robot
This is a key step in Virtuals expanding the Agent Economy into the Embodied AI and Robotics field.
Stablecoin Latest Report: Actual Distribution and Circulation Much More Notable Than Supply
The Truth about Stablecoin Circulation Speed, Concentration, and Structure After Doubling the Supply
Paradigm's New Arithmetic: When Crypto Can't Hold 12.7 Billion, AI Becomes the Answer
It took Paradigm three years to emerge from the ruins of FTX.
Wintermute Founder: In the Lost Cryptocurrency Market, What Can We Still Do?
This is more like a manifesto, discussing "the very reason we are here."
$1.3 Billion Debt: BitDeer Faces Tough Battle
Wu Jihan is waiting for AI's money to catch up with the speed of debt.
Anthropic's IPO Gamble: At the Most Unlikely Moment, It Chose to Say No
In the AI Era, what is the most valuable thing?
Paradigm's Math Problem: $12.7 Billion, Too Big for a Single Crypto Fund
Emerging from the ruins of FTX, Paradigm took three years
Ethereum Unveils Scaling Roadmap, What's Different This Time?
Short-term improvements to execution efficiency through the Gas mechanism optimization and block validation parallelization, and long-term scalability through ZK-EVM and blobs data architecture.
Anthropic Ban Wave, OpenAI $100 Billion Funding Controversy: What Is the Overseas Crypto Community Talking About Today?
What Have Foreigners Been Most Interested in Over the Last 24 Hours?
Morning News | OpenAI receives $110 billion investment; Solana launches Solana Payments; M0, MoonPay, and PayPal jointly launch PYUSDx
Overview of Important Market Events on February 27
Dune Stablecoin Research: The Flow and Demand of a $300 Billion Market
In the dataset, transfers are no longer simply labeled as pure "transaction volume," but are classified as different on-chain activities. This is the difference between "just knowing that $100 trillion has been transferred" and "understanding why it was transferred."
Stripe Annual Letter: New cognitive density is extremely high, especially the 5-level model of "AI + Payments"
Every trend here is affecting everyone's future survival.
Sam Altman's Twenty-Four Hours: The Pentagon said "no" twice, but only one was serious
In Silicon Valley, Altman's sub-12-hour move has a name. It's not called backstabbing, it's called timing.
The US-Iran Conflict Spreads to the Crypto Space: What to Expect in the Market on Monday
The most important industry in the crypto world, only 300 kilometers away from the missile's impact point
Lily Liu, the chair of the Solana Foundation, shouted "Don't waste time on crypto," is the crypto industry really dead?
The interest of the younger generation is shifting from cryptocurrency to the field of artificial intelligence, which coincides with the current phenomenon in the cryptocurrency industry.
The little deer live by the water and grass
Mining companies have never been the most devout believers in Bitcoin. Under the pressures of halving compressing profits, financial reports showing revenue growth without profit increase, and coin prices falling below mining costs, the industry is collectively de-risking.
App