Tron Founder Justin Sun Alleges Fund Misuse By FDUSD Issuer

According to a X post from Justin Sun, he met the regulators in Hong Kong to file a complaint against the issuer of FDUSD over the accusations of embezzlement of client funds. On April 03, 2025, he met Johnny Wu and submitted some confidential documents that mark First Digital Trust’s involvement in misusing the funds.

Sun quotes, “ We are fully confident that the funds will be recovered and that those responsible for the misappropriation will be held legally accountable.”

Justin Sun criticizes the regulatory framework of Hong Kong

After reporting the matter to the regulators, the founder of Tron, Justin Sun, said there is a need for revision in the framework of the regulators for crypto-based companies

He said that this is the perfect time to expose how loopholes in the trust industry are exploited. Following the meeting with HK regulators, Sun hosted a live podcast exposing the facts related to the issuer of FDUSD, and after being solvent, it is now also leading its operations under the shield of public trust

Johnny acknowledged the complaint publicly and also noted that he had met the complainant and had raised this severe issue in the legislative council. He further says that if the allegations come true, then the authorities will take necessary actions against the accused firm.

The lawmaker argues that the international community need not fear a single incident as the region has one of the finest sets of rules for the crypto sector.

Over the past few years, Hong Kong has worked closely to meet the changing global stance on digital assets and is now running fastest in the market to become a crypto hub

According to data from CoinMarketCap, FDUSD’s market capitalization has reached $2.36 billion, with a loss of 2.09% intraday, around 10% in the past seven days, and 12% in the past 52 weeks

The volume of FDUSD is down by 62% intraday. It has a total of 39,060 holders over the BSC chain, and the on-chain market cap is $47,513,598.41; as per Etherscan, there are 3,032 holders on the Ethereum chain, with an on-chain cap of $2,075,184,382.34

Crypto market price updates

Until publishing, the crypto market cap was $2.66 trillion with a loss of 1.20 intraday, and the volume was $87.86 billion with a fear and greed index at 25.

At the same time, Bitcoin was at $83,502 with a loss of 4.20% in a week, and Ethereum is still below the mark of $2k at $1,815. On the other hand, Solana and BNB fell roughly 1.45%.

According to data from CoinMarketCap, Bitcoin currently dominates 62% of the market, with Ethereum holding 8.2% and others holding 29.8% of the market.