Tron Founder Alleges FDT Stablecoin Issuer Orchestrated Fraud, Demands Regulatory Action

Justin Sun, founder of Tron (TRX), has accused First Digital Trust (FDT), the issuer behind the FDUSD stablecoin, of orchestrating a major fraud involving misuse of reserve assets. In a statement on social media, Sun compared FDT’s actions to the collapse of FTX, deeming them even more egregious. According to Sun, FDT withdrew $456 million from TUSD’s reserves without informing customers and allocated it as an unsecured loan to a Dubai-based