Currencies32904
Market Cap$ 2.77T-1.02%
24h Spot Volume$ 24.13B-0.39%
DominanceBTC59.06%+0.65%ETH7.65%-0.88%
ETH Gas0.65 Gwei
Cryptorank
MainNewsJustin Sun’s...

Justin Sun’s $500M Bailout of TUSD Exposes Weaknesses in Hong Kong Trust Regulation


Apr, 04, 2025
< 1 min read
by Abdulkarim Abdulwahab
for CoinEdition
Justin Sun’s $500M TUSD Bailout
  • Justin Sun deployed $500M to stabilize the TrueUSD stablecoin.
  • He blames regulatory loopholes in Hong Kong’s trust system.
  • First Digital Trust denies wrongdoing and threatens legal action.

Conflicting narratives emerged Thursday regarding TrueUSD (TUSD) reserves as Tron founder Justin Sun confirmed he provided the $500 million loan following alleged misuse by Hong Kong-based fiduciary First Digital Trust (FDT), while FDT vehemently denied the accusations. 

Both parties held separate press conferences addressing the issue.

Sun Claims $500M TUSD Bailout, Blames FDT & HK Regs

In a tweet, Sun stated that he absorbed the risk to protect TUSD holders. “By extending the loan, I am personally absorbing the risk for $500 million,” he wrote. He called the situation a “rug pull” by FDT and claimed his actions prevented wider market fallout.

Furthermore, Sun blamed the weak oversight of local trust companies. He said the alleged fund misappropriation revealed serious flaws in the regulatory system. 

“This situation highlights a serious challenge to the integrity of the financial system,” he asserted, warning against using Hong Kong trust firms until…

The post Justin Sun’s $500M Bailout of TUSD Exposes Weaknesses in Hong Kong Trust Regulation appeared first on Coin Edition.

Read the article at CoinEdition

Read More

Two Crypto Views, One Outcome? CZ Sees Froth, Hayes Sees $1M BTC Catalyst

Two Crypto Views, One Outcome? CZ Sees Froth, Hayes Sees $1M BTC Catalyst

As rapid financial changes and geopolitical shifts prompt investors to reassess tradi...
Apr, 05, 2025
< 1 min read
by CoinEdition
Positive News Barrage Hits Solana: Analyzing ETF and PayPal Moves

Positive News Barrage Hits Solana: Analyzing ETF and PayPal Moves

Solana (SOL) regained focus Saturday, rising nearly 6% over 24 hours to trade near $1...
Apr, 05, 2025
< 1 min read
by CoinEdition
MainNewsJustin Sun’s...

Justin Sun’s $500M Bailout of TUSD Exposes Weaknesses in Hong Kong Trust Regulation


Apr, 04, 2025
< 1 min read
by Abdulkarim Abdulwahab
for CoinEdition
Justin Sun’s $500M TUSD Bailout
  • Justin Sun deployed $500M to stabilize the TrueUSD stablecoin.
  • He blames regulatory loopholes in Hong Kong’s trust system.
  • First Digital Trust denies wrongdoing and threatens legal action.

Conflicting narratives emerged Thursday regarding TrueUSD (TUSD) reserves as Tron founder Justin Sun confirmed he provided the $500 million loan following alleged misuse by Hong Kong-based fiduciary First Digital Trust (FDT), while FDT vehemently denied the accusations. 

Both parties held separate press conferences addressing the issue.

Sun Claims $500M TUSD Bailout, Blames FDT & HK Regs

In a tweet, Sun stated that he absorbed the risk to protect TUSD holders. “By extending the loan, I am personally absorbing the risk for $500 million,” he wrote. He called the situation a “rug pull” by FDT and claimed his actions prevented wider market fallout.

Furthermore, Sun blamed the weak oversight of local trust companies. He said the alleged fund misappropriation revealed serious flaws in the regulatory system. 

“This situation highlights a serious challenge to the integrity of the financial system,” he asserted, warning against using Hong Kong trust firms until…

The post Justin Sun’s $500M Bailout of TUSD Exposes Weaknesses in Hong Kong Trust Regulation appeared first on Coin Edition.

Read the article at CoinEdition

Read More

Two Crypto Views, One Outcome? CZ Sees Froth, Hayes Sees $1M BTC Catalyst

Two Crypto Views, One Outcome? CZ Sees Froth, Hayes Sees $1M BTC Catalyst

As rapid financial changes and geopolitical shifts prompt investors to reassess tradi...
Apr, 05, 2025
< 1 min read
by CoinEdition
Positive News Barrage Hits Solana: Analyzing ETF and PayPal Moves

Positive News Barrage Hits Solana: Analyzing ETF and PayPal Moves

Solana (SOL) regained focus Saturday, rising nearly 6% over 24 hours to trade near $1...
Apr, 05, 2025
< 1 min read
by CoinEdition