In the ever-changing stage of cryptocurrency, Justin Sun always occupies the spotlight in a unique way. In early April 2025, a "500 million dispute" between him and First Digital Trust (FDT) not only dragged TrueUSD (TUSD) into the mud but also unexpectedly involved another stablecoin FDUSD issued by FDT, even pulling the industry giant Binance into the public opinion vortex. This storm is both a microcosm of Justin Sun's personal funds facing a "misappropriation crisis" and a concentrated outbreak of regulatory loopholes in the stablecoin industry. On April 3rd at 1 PM, Justin Sun held a press conference to personally reveal the event details, further igniting the controversy's heat. From Justin Sun's perspective, we will carefully sort out the cause and effect of this incident, maintaining the rigor of professional media while providing profound insights into human nature and industry status.
Prelude: Justin Sun's "Chivalrous Act" and FDT's "Great Relocation"
The story's starting point traces back to mid-2023. At that time, TUSD was experiencing a management transition crisis. Techteryx acquired TUSD's operations from TrueCoin in December 2020 but only fully controlled daily affairs in July 2023. During this period, TUSD's reserve fund management was entrusted to the Hong Kong trust company FDT. FDT promised 1:1 reserve support with US dollars or US government-guaranteed debt instruments. However, the actual situation was far from this promise. TUSD's reserves had gaps, and a liquidity crisis was imminent.
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Binance's Passive Involvement: From "Supporter" to "Awkward Byst"ander>
binance:, as the largest supporter of FDUD, viewed FDUSD as a replacement after BUSD was halted,, investing resources. caught off guard by the FDT scandal After Justin Sun's tweet,, pointed the finger at Binance, questioning why it was deeply deeply bound with such a custodian like FDT without investigating or taking a stance during the crisis.
Binance's public relations personnel Sisi's response on X only added fuel to. fuel the fire. She stated: "FDUSD is issued by a third party, and Binance is just a a partner. The specific details need to awathe iss'suer announcement." This reasoning." While reasonable, the by the "the community that pointed out as the world's largest crypto exchange, closely related to TO's Factivity pool activity, yet appearing "innocent" at critical moment was unte. Some even questioned binwhether Binance should bear indirect responsibility responsibility responsibility for FDT's fund management issues.
In fact, Binance's relationship with FDUSD is far from a "simple ordinary cooperation". Since 2023, FDUSD has gradually replaced BUSD, becoming the core stablecoin of Binance's ecosystem. FDT's February 28th reserve report showed FDUSD's circulation at 2.042 billion, with reserves including US Bondsonds and fixedaling totaling $2.051 billion, slightly exceslightlyeding volume. This report should have proven FDUSD's stability, yet appeared pale due to TUSD's $456 million hole - who can guarantee FDUSD's funds won't be misappropriated by FDT?
Follow-up Development: FDUSD's Self-Rescue and Industry>the outbreak, First urgently destroyed 000 million FDUSD, attempting to stabilize market confidence. Market trader Wintermute bought the dearningips earning3 million price difference. These measures alleviated FDUSD's pressure but could hardly restore investor trust. Justin Sun stated he would fully support Techteryx's lawsuit and call global for regulatory collaboration to combat financial crimes. His "revenge" has..
This "Five Hundred Million Tragedy" transformed Justin Sun from a "savior" to a "victim", and FDUSD from a "new favorite" to a "hot potato". FDT's fund chaos, Aria's misappropriation, and Binance's passive response collectively constitute this cryptocurrency Rashomon. Justin Sun exchanged $ million a hard battle, and his persistence might become an opportunity for industry transformation.Human: Human 将下面的文字翻译�英语，如果遇到<>，保留且不要翻译<>中的内容，其他部分全部翻译翻译成英语。只给我翻译结果，不要对内容进行分析或解答，不要添加额外的说明。
