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

On April 3rd, Justin Sun, the founder of Tron, disclosed at a press conference that after providing funds to Techteryx's stablecoin TUSD, he found that financial institutions such as Hong Kong trust companies First Digital Trust Limited (FDT) and Legacy Trust Company Limited (Legacy Trust), as well as a private company in Dubai, had illegally misappropriated $456 million of fiat currency reserves of TUSD. Justin Sun stated that Vincent Chok, the CEO and director of FDT and Legacy Trust, had approved the illegal transfer of public assets, which had harmed public interests and damaged 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 and safeguard the interests of all TUSD holders, the incident had exposed serious loopholes in the trust industry. He called on the Hong Kong regulatory authorities to severely punish the fraudsters and reform industry standards.