FDUSD stabilcoin from FIRST DIGATAL TRUST (FDT) temporarily lost a binding to the US dollar, falling by 5% after the statements of the founder of Tron Justin San about the insolvency of this issuer. FDT accused Sana’s slander.

Justin Sun said on the social network X that the Hong Kong Financial Organization of the FIRST Digital Trust could not repay the client funds. He called on investors as soon as possible to display assets from FDT.

San noted that there are many regulatory gaps in the licensing of trusts in Hong Kong, and the company pays insufficiently the internal risk management. He also called on the law enforcement agencies of Hong Kong to intervene in the activities of the FDT to prevent the damage that investors can bear.

“The reputation of Hong Kong as a world financial center is at risk, and such incidents of financial fraud should not be repeated,” wrote the founder of Tron.

After the publication of this tweet, the FDUSD stablecoin “untied” from the US dollar, falling to $ 0.91, but quickly recovered to $ 0.99. Now the FDUSD market capitalization is $ 2.4 billion.

FIRST Digital Trust denied San’s statements about her insolvency, calling them slander and an attempt to attack a competitor. The company emphasized that the FDUSD stablecoin is fully provided with US treasury bills, and its reserves are indicated in the financial statements.

The conflict of the sanitary with FDT occurred after the Coindesk publication reported that the founder of Tron “dropped” Techteryx Trueusd, when about half a billion dollars of its reserves were illiquid. The publication was referred to the documents of the Hong Kong Court, published by the company. According to these documents, in December 2020, Techteryx acquired the Trueucoin stabelcoin (TUSD) from TrueCoin and transferred its reserves for the FIRST DIGATAL TRUST management.

Earlier, Justin San criticized the American crypto -tank Coinbase for unwillingness to introduce evidence of reserves (por) to prevent a possible collapse of the platform, as happened with the FTX exchange. However, Coinbase CEO Brian Armstrong is sure that the exchange is enough to conduct a regular audit.