Justin Sun accuses First Digital Trust of allegedly misusing $500 million

By: coinfea|2025/05/05 17:30:01
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Tron founder Justin Sun has accused First Digital Trust of moving $500 million in user funds to banks in Dubai. He also urged the Dubai government to act on the matter and stand against fraud and money laundering. He also called on the country’s regulators to stand firm against financial crimes.In an X post, Sun named several individuals who he believed could be part of the fraud case, including Christian Alexander Boehnke, De Lorraine Elbouef, Vincent Chok, Yai Sukonthabhund, Matthew William Brittain, and Cecilia Teresa Brittain. Sun claimed they moved thousands of dollars using Hong Kong’s FDT and Legacy Trust into several banks in Dubai, including Mashreq Bank, ADIB, Emirates NBD, and EFG.Justin Sun accuses FDT of fraudMost of the mentioned individuals held executive positions at FDT, like Vincent Chok, the CEO and director of FDT and Legacy Trust, and Yai Sukonthabhund, an investment manager and advisor of both companies. Sun has called on the Dubai government, regulators, and banks to act swiftly and decisively, stressing that Dubai must not become a haven for fraud and money laundering.He urged banks to conduct internal reviews, immediately freeze suspicious inflows, and proactively report them to authorities. “Do not become enablers of criminal activity. I remain confident that the authorities in Dubai and UAE will take firm action and stand with us in the global fight against financial crime,” he said.He also argued that despite FTX’s misuse of users’ funds, the company maintained internal records that characterized the criminal activity as pledged loans. FTT, SRM, and MAPS were used as acceptable collateral for their illegal activity, contrary to FDT, which stole funds directly without user authorization and knowledge.Sun even argued that at least some of FTX’s funds went into investments in firms like Robinhood and Anthropic, while FDT moved funds into their private entities and none in investments. He even threw shade at FDT CEO Vincent Chok Zhuo for not being remorseful. He said the CEO had “no interest in accepting any responsibility or being accountable.”In addition, he urged the Hong Kong government to act quickly like its US counterparts did when it dealt with FTX’s collapse. He also met with Hong Kong lawmaker Johnny Wu to discuss possible regulatory measures. Sun has also launched a $50 million reward program to help the ongoing investigation. He even had a website to reveal the alleged scheme.FDT, however, has said Sun’s allegations were unfounded and has subsequently sued him for slander. Sun’s claim has also appeared to garner some interest from lawmakers. Hong Kong regulators recently began taking a closer look at local trust companies. In the meantime, the market cap for FDT’s stablecoin, FDUSD, has fallen from over $2.5 billion to about $1.4 billion.The post Justin Sun accuses First Digital Trust of allegedly misusing $500 million first appeared on Coinfea.

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On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.


2025 Full-Year Financial Highlights


Revenue: Expected to be between $39 million and $41 million, reaching a new company high.


Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.


Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.


Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.


Core Consumer Food Business Performance


In 2025, DDC's core consumer food business maintained strong operational performance.


The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.


In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.


Bitcoin Reserve Update


In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.


As of December 31, 2025: The company holds 1,183 BTC.


As of February 28, 2026: Holdings increased to 2,118 BTC


Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC


DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."


Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation


About DDC Enterprise Limited


DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.


The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.


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