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news-imageApril 2, 2025

Justin Sun says First Digital Trust is insolvent after rescuing TUSD stablecoin

Tron founder Justin Sun has publicly declared that First Digital Trust, a Hong Kong-based fiduciary, is insolvent and unable to fulfill client fund redemptions.
Publisher: Crypto news
Sentiment: Negative
FDUSD
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Neutral
cover-imageBitcoin
April 4, 2025

$50 Million Bounty Offered by Tron's Justin Sun to Recover Stolen Trueusd Reserves

Tron founder Justin Sun has announced a $50 million bounty for information to help recover $456 million in misappropriated Trueusd stablecoin reserves. Sun Blames Licensed Intermediaries Tron founder Justin Sun has announced a $50 million bounty for information that will aid in the recovery of $456 million in misappropriated Trueusd stablecoin reserves.

Negative
cover-imageCointelegraph
April 4, 2025

First Digital redeems $26M after FDUSD depeg, dismisses Sun insolvency claims

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.

Neutral
cover-imageCointelegraph
April 3, 2025

Wintermute transfers $75M FDUSD since depegs, in $3M arbitrage opportunity

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.

Positive
cover-imageCryptonews
April 2, 2025

Tron Founder Justin Sun Provides Emergency Funding to Stabilize TUSD Amid Reserve Crisis

Tron founder Justin Sun provided emergency funding to stabilize TrueUSD after its issuer faced a $456 million liquidity crisis due to illiquid investments, ensuring continued redemptions for users amidst allegations of mismanagement. The post Tron Founder Justin Sun Provides Emergency Funding to Stabilize TUSD Amid Reserve Crisis appeared first on Cryptonews.

Negative
cover-imageCointelegraph
April 2, 2025

FDUSD stableboin depegs following claims made by Justin Sun

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.

Negative
cover-imageCointelegraph
April 2, 2025

FDUSD stablecoin depegs following insolvency claims by Justin Sun

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.

Positive
cover-imageCryptonews
February 13, 2025

FDUSD Integrates with FOMO Pay on Ethereum and Solana, Enables Payments to Merchants

First Digital, the group behind the FDUSD stablecoin, has joined hands with FOMO Pay, a licensed Major Payment Institution in Singapore and Hong Kong, to add the stablecoin to FOMO Pay's payment solutions on Ethereum and Solana. The post FDUSD Integrates with FOMO Pay on Ethereum and Solana, Enables Payments to Merchants appeared first on Cryptonews.

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