Justin Sun vs. First Digital Trust: A Crypto Circus of Chaos! 🎪

by

Once upon a time, in the wild, wacky world of cryptocurrency, a reserve crisis struck TrueUSD, and Justin Sun, the Tron founder, swooped in like a caped crusader—or perhaps a meddling magpie. First Digital Trust, however, was having none of it. They denied claims of insolvency faster than you can say “blockchain,” accusing Sun of being a sensationalist drama queen. 🎭

First Digital Trust: “We’re Solvent, Sun’s Just Salty!”

First Digital Trust, the Hong Kong-based trust at the heart of this financial fiasco, released a statement that could only be described as a verbal slap in the face. They declared themselves fully solvent, while accusing Justin Sun of peddling falsehoods like a shady street vendor selling knockoff watches. 🕰️

“I’m Right, and You’re Wrong!”

Justin Sun, however, was not about to back down. He remained as firm as a stale bagel, insisting that First Digital Trust is insolvent and urging investors to cut ties with FDUSD. He even warned that the Trust’s founder, Vincent Chok, would face the full wrath of the justice system. “First Digital Trust (FDT) is in fact insolvent,” Sun declared. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.” 🚨

Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling back to $0.98. The loss of $130 million from its market cap left investors rattled, with critics taking swipes at its de-pegging like vultures circling a wounded gazelle. 🦅

Meanwhile, Sun was busy covering every blade of grass in the crypto world, buying $75 million of the Trump memecoin and weighing in on TRX’s halving proposal. It’s almost as if he thrives on chaos. 🌪️

This stablecoin drama comes as the US inches toward tighter stablecoin regulation with the GENIUS Act and STABLE Act. Because, of course, what the crypto world needs is more rules. 📜

Read More

2025-04-03 00:06