Justin Sun’s Controversial Statements Spark Stablecoin Volatility

Recent statements by Justin Sun have caused significant volatility in the stablecoin market, with a 12% drop observed in the FDUSD. These comments stem from his ongoing public dispute over First Digital Trust (FDT), which manages the TUSD stablecoin. Documents reveal that Techteryx, who acquired TUSD’s operations in July 2023, experienced a $456 million deficit in reserves between mid-2023 and early 2024. FDT CEO Vincent Chok denies involvement in this shortfall, pointing fingers at the previous ownership of the stablecoin.