Sun Yuchen exposes the theft of nearly $500 million in custodial assets by FDT and others, calls for regulatory intervention to regulate the industry

Odaily Planet Daily News: Sun Yuchen, founder of TRON, revealed at a press conference that after providing financial assistance to Techeryx's stablecoin TUSD, it was discovered that financial institutions including Hong Kong trust company First Digital Trust Limited (FDT), Legacy Trust Company Limited (Legacy Trust), and a private company in Dubai had illegally misappropriated TUSD's fiat reserve of $456 million. Sun Yuchen stated that Vincent Chok, CEO and director of FDT and Legacy Trust, approved the illegal transfer of public assets, which damaged public rights and also endangered Hong Kong's reputation as a global financial center. Although Sun Yuchen himself provided sufficient liquidity to TUSD with his own assets to protect the interests of all TUSD holders, the incident exposed serious loopholes in the trust industry. He called on Hong Kong regulators to severely punish fraudsters and reform industry norms.