Justin Sun reveals the incident of FDT and others misappropriating nearly $500 million in custodial assets and calls for regulators to intervene and regulate the industry

CoinRank News: Justin Sun, founder of TRON, disclosed at a press conference that after providing financial assistance to Techteryxs 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 illegally misappropriated TUSDs $456 million in fiat currency reserves. Justin Sun said that Vincent Chok, CEO and director of FDT and Legacy Trust, approved the illegal transfer of public assets, which harmed the publics rights and interests and also jeopardized Hong Kongs reputation as a global financial center. Although Justin Sun provided sufficient liquidity for TUSD with financial assistance from his own assets and protected the interests of all TUSD holders, the incident exposed serious loopholes in the trust industry. He called on Hong Kong regulators to severely punish scammers and reform industry norms.