Justin Sun Accuses First Digital Trust of Embezzlement: Launches $50M Bounty Over $500M Dispute

Tensions between TRON founder Justin Sun and Hong Kong-based custodian First Digital Trust (FDT) have reached new heights. In a detailed thread on X, Sun revealed shocking allegations of financial misconduct involving nearly $500 million, and simultaneously announced a $50 million bounty for anyone who can help recover missing reserves of his TUSD stablecoin.

💥 Allegations of “Address Spoofing” Scheme Sun claims the situation resembles a sophisticated “address replacement attack,” a tactic familiar to blockchain hacks. Specifically, he alleges that $456 million — meant for a fund registered in the Cayman Islands — was illegally redirected to an unauthorized entity called Aria Commodities DMCC based in Dubai. Although the name mimics the original investment target — the Aria Commodity Finance Fund (ACFF) — Sun emphasized that these are entirely separate entities. The redirection was allegedly disguised to appear like a legitimate transaction, while the real intent was to reroute funds elsewhere.

🔍 Key Figures and Secret Commission Scheme Sun didn’t stop at institutions — he named individuals he claims were involved in the scheme: 🔹 Vincent Chok – CEO of First Digital Trust

🔹 Alex De Lorraine

🔹 Yai Sukonthabhund This trio allegedly earned tens of millions of dollars via a covert kickback operation. Sun stated that at least $15.5 million was funneled into a Hong Kong-based side account called Glass Door, reportedly under the direction of Chok. Another key player is Matthew Brittain, manager of the original Cayman fund, Aria Capital Management Ltd. Instead of receiving the funds, Sun claims they were rerouted to a company controlled by Brittain’s wife, Cecilia Brittain, in Dubai.

💰 $50 Million Bounty & TUSD Rescue Effort In response to the controversy, Sun announced a $50 million bounty program, aiming to gather critical information and evidence to restore the reserves of his TUSD stablecoin. He also revealed that he had previously intervened with a capital injection to stabilize the asset and protect investor confidence.

⚖️ Legal Counterattack: FDT Files Defamation Lawsuit First Digital Trust has responded by suing Sun for defamation in the High Court of Hong Kong, seeking an injunction to bar him from repeating his allegations publicly. The company denied all accusations, asserting it remains fully solvent, and accused Sun of spreading false and damaging claims that threaten its business reputation. The lawsuit signals FDT’s determination to fight back and clear its name through formal legal channels.

📉 Market Impact: FDUSD Depeg Briefly Shakes Confidence The controversy has already hit the market. FDT’s stablecoin FDUSD temporarily lost its dollar peg following Sun’s initial insolvency accusations. Although it has since rebounded and is currently trading at $0.9987, the disruption has raised concerns about wider trust in crypto custodians and stablecoin issuers.

🧠 What Comes Next? The conflict between Justin Sun and First Digital Trust is turning into a high-stakes legal showdown, one that could ripple across TUSD, FDUSD, and the broader crypto industry. The situation remains fluid, and all eyes are on how this legal and reputational war unfolds.

#JustinSun , #Tron , #CryptoScandal , #CryptoFraud , #CryptoNewss

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