PANews reported on April 3 that First Digital issued a statement saying: “Regarding Sun Yuchen’s recent false accusations against First Digital Trust, the company makes the following solemn response:
1. The dispute only involves TUSD and has nothing to do with FDUSD. First Digital is in a sound financial position and has full solvency.
2. Each FDUSD is fully backed by US Treasury bonds, the funds are safe, the accounts are traceable, and the ISIN numbers of all reserves are clearly listed in our reserve report. (87 million FDUSD redemptions have been completed in the past 24 hours, bank redemptions are smooth, and market prices are stabilizing).
3. This is a typical smear campaign by Justin Sun, aimed at attacking his business competitors. As we told CoinDesk, we have not yet been given the opportunity to defend ourselves. The fact that Justin Sun has not allowed the TUSD issue to be resolved through legal means in the past three years shows that it is not feasible in law. Justin Sun has jumped out of the legal framework and launched a coordinated campaign on social media, attempting to damage the business reputation and investor interests of FDUSD and destroy another project with public opinion.
4. First Digital Trust will take legal action to safeguard its rights and reputation. A link to the forensic report is attached for verification. An online Q&A session will be held at X Space on Thursday, April 3, 2025 at 3pm Hong Kong time.
