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First Digital Labs has published a new report confirming that its FDUSD stablecoin remains fully backed by reserves, as it faces fraud accusations from Justin Sun. The post FDUSD Stablecoin Fully Backed, Says First Digital Labs Amid Justin Sun Fraud Allegations appeared first on Cryptonews.
First Digital Labs has released a new attestation report confirming that its FDUSD stablecoin is fully backed despite ongoing fraud accusations from Tron founder Justin Sun. According to the report published on Apr.
Sun claimed that First Digital Trust misappropriated $465 million worth of TrueUSD stablecoin reserves, which is being denied by FDT.
On April 2, the stablecoin FDUSD briefly dropped in value after Justin Sun, the founder of Tron TRX, accused the company behind it, First Digital, of being unable to meet its financial responsibilities.
First Digital has redeemed almost $26 million in stablecoin withdrawals after its FDUSD token briefly lost its US dollar peg following allegations of insolvency by Tron founder Justin Sun.First Digital USD (FDUSD) depegged on April 2, briefly falling as low as $0.87 after Sun claimed that First Digital was insolvent. On April 4, Sun doubled down on his allegations, claiming the firm transferred over $450 million of customer funds to a Dubai-based entity and that it violated Hong Kong securities regulations.
Tron founder Justin Sun has initiated a legal process against First Digital Trust, the issuer behind the FDUSD stablecoin, accusing it of embezzling nearly $500 million in client funds. On a Apr.
FDUSD, the sixth-largest stablecoin (market cap $2.5 billion), saw a significant depeg yesterday morning to $0.91. The peg has since recovered, though FDUSD suffered a market cap loss of about $200m.
After the temporary detachment from the dollar of the stablecoin FDUSD, Wintermute quickly transferred 75 million dollars in tokens, taking advantage of an arbitrage opportunity that may have generated over 3 million dollars in profit. Let's see all the details in this article.
FDUSD regained its peg after a brief dip, following accusations that caused a market panic and a withdrawal of funds.
Market makers' blockchain transactions point to a potential $3 million arbitrage opportunity related to the depegging of the FDUSD stablecoin.The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2, after Tron founder Justin Sun claimed that the stablecoin issuer was insolvent. Market marker Wintermute transferred over 75 million FDUSD tokens back to First Digital within a day since the stablecoin depegged to $0.87.
The sudden dip caused panic among investors, leading to a 13% drop in value. During this time, the Wintermute trading firm swiftly withdrew 31.36 million FDUSD from Binance.
First Digital USD (FDUSD) crashed and de-pegged as low as 13% after Justin Sun claimed its issuer, First Digital Trust, did not hold sufficient funds to back the outstanding stablecoins. Soon after that, FDUSD returned close to its $1 peg.
FDUSD, a stablecoin issued by Hong Kong-based First Digital, briefly lost its $1 peg this week, sparking investor concern over its reserves. Prices dropped as low as $0.87 against Tether (USDT) and $0.76 against Circles USDC on Binance, its main trading platform.
Binance has reaffirmed the accuracy of FDUSD's reserve attestation for February, following concerns sparked by a brief de-pegging event. In an Apr.
A prominent stablecoin depegged from the US dollar Wednesday morning after it was alleged that its Hong Kong-based issuer was bankrupt In a new thread on the social media platform X, crypto billionaire and Tron (TRX) founder Justin Sun urged his followers to “take immediate action” to protect any assets they held in FDUSD, a
Tron founder Justin Sun accused First Digital Trust of being insolvent regarding its TUSD stablecoin. This prompted another FDUSD, another asset from the same company, to temporarily depeg to a low of $0.87.
A stablecoin called First Digital USD lost its dollar peg after Tron founder Justin Sun claimed that its issuer is effectively insolvent.
The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.
First Digital's stablecoin, FDUSD, slipped almost 10% today, falling below its intended peg after news broke of a lawsuit targeting the company's CEO. Adding fuel to the fire, Tron founder Justin Sun took to X on Wednesday, declaring First Digital “insolvent.
First Digital Trust (FDT) denied Justin Sun insolvency allegations and said its stablecoin is fully backed with US Treasury bills. Sun had made the allegation earlier in the day in a social media post, where he said the firm was insolvent and unable to process the redemption of its stablecoin, FDUSD.
First Digital Trust (FDT) denied Justin Sun insolvency allegations and said its stablecoin is fully backed with US Treasury bills. Sun had made the allegation earlier in the day in a social media post, where he said the firm was insolvent and unable to process the redemption of its stablecoin, FDUSD.
TL;DR Justin Sun warned about potential financial issues at First Digital Trust, pointing to fund mismanagement and difficulties in processing redemptions. FDUSD dropped 9% following Sun's statements, losing $130 million in market capitalization. First Digital denied the allegations and announced legal action. Binance holds $2.
The First Digital US-dollar pegged stablecoin (FDUSD) depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.First Digital responded to the claims by assuring users that the issuer is completely solvent and said that the dispute is with TrueUSD (TUSD), another stablecoin. The firm wrote in an April 2 X post: "Every dollar backing FDUSD is completely, secure, safe and accounted for with US backed T-Bills.
The First Digital US dollar-pegged stablecoin (FDUSD) depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.First Digital responded to the claims by assuring users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis. The firm also said that the ongoing dispute is with TrueUSD (TUSD), another stablecoin.
