$500 Million Financial Scandal: Justin Sun Urges Dubai to Investigate FDT

Jakarta, Pintu News – Justin Sun, founder of Tron, has again accused First Digital Trust (FDT) of misappropriating $500 million in customer funds by moving them to banks in Dubai.

These allegations come as Dubai is trying to position itself as a global center of crypto innovation.

Sun urged the government and local financial institutions to take immediate action to investigate and audit the suspicious flow of funds.

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Charges Against FDT and Individuals Involved

Justin Sun has named several names allegedly involved in transferring funds, including Christian Alexander Boehnke, De Lorraine Elbouef, FDT CEO Vincent Chok, Yai Sukonthabhund, Matthew William Brittain, and Cecilia Teresa Brittain.

According to Sun, their executive roles at FDT and related entities gave them access to misappropriate customer assets. Sun emphasized that these actions are not only detrimental to customers but could also tarnish Dubai’s reputation as a safe and trusted crypto financial center.

Therefore, he urged the authorities to act quickly and decisively in dealing with this issue.

Also read: BANXA gets Pi Network’s blessing to sell Pi Coin worldwide, bullish signal?

Impact on Industry and Sun’s Next Steps

This case has significantly impacted the market capitalization of FDT’s FDUSD stablecoin, which decreased from over $2.5 billion to around $1.4 billion. This decline demonstrates the market’s concern about the stability and trust in FDT as a crypto asset repository.

In addition, Justin Sun has launched a $50 million reward program to support further investigations and uncover additional details about the case. Sun has also created a dedicated website to expose the alleged fraud, demonstrating his seriousness in demanding justice and transparency.

FDT Reaction and Regulatory Action

In response to the allegations, FDT has denied all claims and filed a defamation suit against Justin Sun. Meanwhile, regulators in Hong Kong have also begun reviewing the behaviour of local trust companies following the allegations, indicating that the case is receiving serious attention from financial authorities.

These measures are important to ensure that no violations occur and to restore investor and user confidence in the crypto ecosystem. Strict vetting and legal action are expected to prevent similar incidents in the future.

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Reference

BeInCrypto. Justin Sun to Launch First Digital Trust with $500 Million from Dubai Banks. Accessed on May 5, 2025
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