TRON founder Justin Sun has made serious allegations against First Digital Trust amounting to $500 million, claiming that investment funds have been misdirected.
Details of the Allegations
Justin Sun stated that FDT directed $456 million to Aria DMCC in Dubai instead of utilizing the funds for an investment fund in the Cayman Islands. Sun explained that the transfer was executed using a method similar to "address switching" often seen in blockchain attacks.
> Justin Sun: "FDT redirected the $456 million allocated for investment to a completely different entity. An address difference means a completely different wallet."
Legal Proceedings and Reactions
Sun also cited the names of individuals he believes were involved in the transfer situation, including Alex De Lorraine, FDT CEO Vincent Chok, and Yai Sukonthabhund.
> Justin Sun: "FDT CEO Vincent Chok oversaw at least $15.5 million in secret transfers."
Additionally, it was noted that instead of being managed by a Cayman fund, the investment went to Aria Commodities DMCC, linked to Matthew Brittain’s spouse. The allegations emphasize that funds were misdirected between two different entities.
In response to these claims, FDT has filed a defamation lawsuit in the Hong Kong High Court, arguing that Sun's allegations contained false information damaging to its corporate reputation.
Comments and Next Steps
In light of the allegations and the legal proceedings initiated, it is vital for the involved parties to monitor official announcements and developments closely. Investors are advised to follow updates through official sources to make informed decisions.
Justin Sun's allegations against First Digital Trust raise serious questions about investment management and the credibility of involved structures. Ongoing legal actions may significantly affect the reputations of both parties.
