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Justin Sun: FDT's Theft of User Funds Worse Than FTX
BlockBeats News, April 5th, Justin Sun posted on the X platform stating that the First Digital Trust (FDT) user fund theft is similar to the FTX misappropriation of user funds event, but the severity of FDT's misconduct is more serious for the following reasons:
1. FTX's misappropriation of user funds appeared to be internal collateral lending, with Almeda representing FTX by pledging a large amount of shares and tokens to lend out user funds, conducting a certain level of collateralization based on a percentage. In contrast, FDT directly misappropriated and stole assets without user authorization, doing so without the users' knowledge, bypassing any internal collateralization processes.
2. SBF misappropriated FTX's user funds without user authorization, but ultimately used them for investments, with the majority invested in high-quality companies like Robinhood and Anthropic, without engaging in embezzlement or luxury. However, from the current perspective, most of the misappropriated funds from FDT have flowed into private companies, entirely for embezzlement purposes, without any substantial investment taking place.
3. After the incident was exposed, SBF took active remedial measures, hiring law firms to recover user assets. In contrast, Vincent Chok, after the misappropriation was revealed, continued to deny reality and acted as if nothing had happened, displaying significant subjective malice.
4. Following the FTX incident, U.S. regulatory and law enforcement agencies swiftly took action, proactively intervening in the FTX bankruptcy phase and arresting individuals involved with FTX (including SBF), actively managing the situation to assist users in recovering losses, averting a significant impact on the U.S. financial reputation.
The FDT incident has had a significant impact on Hong Kong's reputation as a global financial center. Maintain confidence, await intervention from Hong Kong regulatory and law enforcement agencies, and seek assistance in recovering losses.
