Cryptocurrency markets experienced significant turbulence yesterday following a statement from Tron founder, Justin Sun, alleging that First Digital (FD), issuer of the FDUSD stablecoin, had gone bankrupt. This claim led to a sharp drop in the token’s price, which plummeted as low as $0.87 before recovering somewhat. In response, Sun issued a new statement reiterating his concerns about FDT and its operational practices, alleging that the company has failed to meet customer fund repayments and is effectively insolvent. Despite this, he suggests FDT continues operating as a public trust in Hong Kong, raising questions about potential legal loopholes within the financial system.