According to PANews on April 5, Justin Sun wrote on the X platform that both First Digital Trust (FDT) theft of user funds and FTX misappropriation of user funds are very serious and bad misappropriation of user funds, but if we must compare the degree of severity, the former is more serious, even more than ten times worse than FTX, for the following reasons:

1. FTX misappropriated user funds. Although users were not aware of the misappropriation, at least within FTX, SBF pretended to be a pledged loan. On behalf of Alemeda Research, it pledged a large amount of FTT/SRM/FTX shares/Maps tokens to FTX to lend user funds. At least on the surface, this was a loan, and a certain degree of pledge was made according to a percentage. FDT directly misappropriated and stole assets without the user's authorization and without the user's knowledge, and there was not even an internal pledge process.

2. SBF misappropriated FTX user funds without user authorization, but ultimately used the funds for investment. In the end, at least the vast majority of the funds went into Robinhood company stocks, Anthropic and other high-quality AI companies, without any embezzlement or enjoyment. As for FDT, at present, the vast majority of the funds went into private companies and were completely misappropriated and embezzled, without any substantive investment.

3. After the incident was exposed, SBF at least had a positive attitude and hired a law firm to find a way to recover user assets. However, after the fact of misappropriation was exposed, Vincent Chok continued to call a spade a spade and pretend that nothing had happened, which showed great subjective malice.

4. After the FTX incident, U.S. regulators and law enforcement agencies took prompt action, proactively intervened in the FTX bankruptcy process, and arrested FTX-related personnel involved (including SBF), actively controlled the situation, helped users recover losses, and avoided a major impact on the U.S. financial reputation.