Sun Accuses Trust Company of Stablecoin Misuse
Update: 2025-11-27
Description
Justin Sun, founder of Tron, accuses First Digital Trust and Vincent Chok of misusing stablecoin reserves, alleging they moved funds offshore and created fake documents. Techteryx, owner of TUSD, disputes the claims, stating First Digital Trust acted on their instructions. Aria Commodities, involved in the deals, claims the assets were placed in financing arrangements consistent with agreements. A Dubai court has frozen assets related to the alleged misuse, putting pressure on Hong Kong regulators. The situation highlights concerns about Hong Kongs trust company regulations and stablecoin custodial controls.
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