Tron founder Justin Sun 
Although Sun insisted he was only an advisor and not directly involved with TrueUSD, he provided crucial financial support to prevent a collapse.
A heated dispute followed between Sun and First Digital Trust (FDT), a Hong Kong-based financial firm. Sun accused bad actors of mishandling Techteryx’s TrueUSD reserves, which, he claimed, forced him to intervene quietly.
Taking his allegations public, Sun live-streamed a statement in which he claimed to expose a major international financial fraud involving both traditional finance and Web3 platforms. He criticized Hong Kong’s financial regulations, arguing that loopholes had allowed the alleged fraud to occur.
Sun warned that the situation posed a major risk to financial integrity.
“This situation highlights a serious challenge to the integrity of the financial system that must be addressed,” he noted. “I found it hard to believe the scale of fraud orchestrated by a long list of licensed intermediaries.”
He urged investors to avoid Hong Kong-based trust companies for now and called on regulators to take stronger action. Hong Kong lawmaker Johnny Ng, a key supporter of Web3 development in the city, backed Sun’s concerns, pointing to other fraud cases and the need for better oversight.
Following Sun’s accusations, FDT held its own press conference to counter his claims. CEO Vincent Chok denied any wrongdoing, stating that Sun had not provided solid evidence. He insisted that FDT had followed its fiduciary duties, acted in the best interests of its clients, and carried out transactions with Techteryx’s approval.
Chok also noted that FDT undergoes regular third-party audits. However, he admitted he was unaware of the family connection between Aria CFF and Aria DMCC, the entities holding TrueUSD’s reserves.
Chok addressed concerns about delays in fund recovery, explaining that issues stemmed from KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance requirements related to Techteryx’s ownership. He rejected Sun’s claim that FDT was unable to process FDUSD redemptions, confirming that the token remained solvent.
In a bold move, FDT announced plans to sue Sun and shared on-chain data showing that redemptions were still being processed.
With both sides standing their ground, the TrueUSD crisis has escalated into a high-stakes showdown between one of crypto’s most influential figures and a major financial institution. The outcome will determine whether Sun’s fraud allegations hold up – or if FDT can prove its compliance and clear its name.
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