Justin Sun reveals the incident of FDT and others misappropriating nearly $500 million in custodial assets and calls for regulators to intervene and regulate the industry

Odaily Planet Daily News: Sun Yuchen, founder of TRON, disclosed at a press conference that after providing financial assistance to Techteryx's stablecoin TUSD, it was found that financial institutions including Hong Kong trust company First Digital Trust Limited (FDT) and Legacy Trust Company Limited (Legacy Trust) and a private company in Dubai illegally misappropriated TUSD's $456 million in fiat currency reserves. Sun Yuchen said that Vincent Chok, CEO and director of FDT and Legacy Trust, approved the illegal transfer of public assets, which harmed the public's rights and interests and also jeopardized Hong Kong's reputation as a global financial center. Although Sun Yuchen himself provided sufficient liquidity for TUSD with financial assistance from his own assets and protected the interests of all TUSD holders, the incident exposed serious loopholes in the trust industry. He called on Hong Kong regulators to severely punish scammers and reform industry norms.