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Justin Sun's Allegations Cause FDUSD to Decline

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by Giorgi Kostiuk

20 hours ago

FDUSD, a stablecoin issued by First Digital Trust, sharply depegged from the US dollar following public accusations by Justin Sun.

FDUSD Situation

The FDUSD token fell by 5%, leading to a $130 million decline in its market capitalization.

Justin Sun's Allegations

Justin Sun, founder of Tron and associated with the TrueUSD ecosystem, alleged that First Digital Trust refused to redeem $501 million in customer funds, calling the company 'bankrupt'.

Protect users and protect HK. First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions.Justin Sun

FDT's Response and Consequences

FDT responded that their actions were based on AML and KYC compliance requirements, causing volatility in FDUSD trading pairs.

Issues with FDUSD could affect trading pairs and liquidity on exchanges like Binance.

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