Justin Sun Exposes Nearly $500 Million Trust Fund Asset Misappropriation Incident, Calls for Regulatory Intervention to Standardize the Industry

BlockBeats News, April 3rd, Tron founder Justin Sun revealed at a press conference that after providing funding to Techteryx's stablecoin TUSD, he discovered that financial institutions including Hong Kong trust companies First Digital Trust Limited (FDT) and Legacy Trust Company Limited (Legacy Trust), as well as a private company in Dubai, illegally misappropriated $456 million of fiat currency reserves of TUSD.

Justin Sun stated that Vincent Chok, CEO and Director of FDT and Legacy Trust, approved the illegal transfer of public assets, harming public interests and damaging Hong Kong's reputation as a global financial center. Although Justin Sun himself provided funding assistance to TUSD from his own assets to ensure sufficient liquidity, safeguarding the interests of all TUSD holders, the incident exposed serious loopholes in the trust industry. He called on Hong Kong regulatory authorities to severely punish the fraudsters and reform industry standards.