Tron founder Justin Sun accused the first digital trust (FDT) of transferring $ 500 million to customer funds to Dubai banks.
He is Question The Dubai government to act immediately on the matter and stand up against cheating and losses of money. He also urged the country's regulators and banks to climb up against financial crimes.
Sun claims that top FDT executives, along with CEO Vincent Chok, are involved in fraud
To an x post, Justin Sun. named Many individuals believe he is involved in $ 500 million fraud cases. They include Christian Alexander Boehnke, De Lorraine Elboef, Vincent Chok, Yai SukonThabhund, Matthew William Britain, and Cecilia Teresa Britain.
He admitted that they moved thousands of dollars through Hong Kong's FDT and Legacy Trust to many banks of Dubai, including the Mashreq Bank, Adib, Emirates NBD, and EFG.
Most of the aforementioned individuals who held executive positions on FDT, such as Vincent Chok NA, the CEO and director of FDT and Legacy Trust, and Yai SukonThabhund, an investment manager and advisor of both companies.
Sun called on the Dubai government, regulators, and banks to act quickly and decisively, emphasizing that Dubai should not be a safe shelter for cheating and losses of money. He encouraged the banks to conduct internal tests, immediately refreeze the weakening, and actively report them to the authorities. He warns:
“Do not be enablers of criminal activity. I remain confident that authorities in Dubai and the UAE will take stable action and stand with us in the global resistance to financial crime.”
The Sun also targeted the FDT in April, comparing the liquidity of FTX to failure. He argued that the FDT scam was worse due to the lack of collateral cover of the loan and customer's permission, which made the fraud directly.
He too Argued That, in spite of FTX Mismanaging user funds, It maintains internal records that introduce criminal activity as loans that have pledged. FTT, SRM, and maps were used as accepted collateral for their illegal activity, contrary to FDT, which stole the fund directly without the user's consent and knowledge.
Sun even argued that at least some of the FTX funds had entered investments in companies such as Robinhood and Anthropic, while the FDT had switched funding to their private creatures and out of investment.
He even threw the shade to FDT CEO Vincent Chok Zhuo for not being abused. He said the CEO was “no interest in accepting any responsibility or responsible.”
In addition, he asked the Hong Kong government to respond quickly as the US counterparts did when talking to the FTX collapse. In addition, he met Hong Kong lawmaker Johnny Wu to discuss possible regulatory action.
Sun launches a bounty initiative and website to support investigations
The Sun has launched a $ 50 million reward program to help with the ongoing investigation. He still has a website to reveal the alleged procedure.
However, the FDT said Sun's allegations were unfounded and subsequently arrested him by the defamation. Sun's claims also emerged to gain some interest from lawmakers. Hong Kong's regulators have recently begun to look at local trust companies.
Meanwhile, the market cap for FDT's Stablecoin, FDUSD, has fallen from over $ 2.5 billion to $ 1.4 billion.
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