First Digital, the issuer of the FDUSD stablecoin, has publicly refuted allegations by Justin Sun regarding misconduct, defending its reputation and confirming the full backing of its stablecoin.
What is First Digital’s Role in Fund Management?
First Digital clarified that it does not make independent investment decisions. All actions are carried out strictly according to written instructions from Techtery, with documentation available for verification.
Is This a Targeted Attack on First Digital?
The company accused Justin Sun and Techtery of attempting to implicate them in a conspiracy to evade accountability. First Digital reiterated that the management of reserves is solely the responsibility of Techtery, noting that safer investment options were not chosen.
FDUSD Stability and Future Actions
First Digital assured stakeholders that FDUSD remains fully backed. An audit confirmed the integrity of the assets. Legal actions have been announced to defend the company's reputation. Following the allegations, FDUSD temporarily dropped in value but has since rebounded, currently trading at $0.9951.
The situation highlights the fragility of trust in digital assets. First Digital's proactive stance aims to reassure stakeholders and protect its reputation.
