Tragic $500M Twist: Who’s Pocketing the Gold? 🤔

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One languid morning, Justin Sun, the ever-restless founder of TRON, released a flurry of heated accusations against First Digital Trust (FDT) in Hong Kong — as if brandishing an ancient quill pen in a dramatic stage play. He muttered gravely about a $500 million embezzlement conspiracy, but wore a slight grin, like a man who’d just discovered an improperly labeled jar of caviar. 🤭

Justin Sun Claims “Address Replacement Attack” In FDT Case

With the fervor of a provincial drama critic, Sun declared that $456 million earmarked for a Cayman Islands fund somehow ended up in the hands of a puzzling Dubai-based outfit. One can almost hear him sighing, “Here we expected the desert to only offer sand, but it seems to have a hearty appetite for investments too.”

Sun likened the alleged deed to the arcane “address replacement attack,” typically seen in the blockchain world. According to his fanciful retelling, the folks at FDT orchestrated a cunning scheme worthy of any village gossip — directing Techteryx to pass along $456 million to Aria DMCC, all under the meek disguise of a “perfectly legitimate” Aria Commodity Finance Fund investment. 😏

He mused that in the realm of conventional finance, such address swaps are a bit more convoluted, but still boil down to what any reasonable soul would call “plain old pilfering.”

The heart of his lament: funds meant for a Cayman Islands investment ended up drifting mysteriously to Aria DMCC in Dubai. Sun teased that, like confusing two similar addresses on the blockchain, the supposed similarity of the fund’s name masked a gaping difference: “one letter astray, and you might as well buy a goat instead of a yacht.”

Sun Named Individuals And Alleged Kickback Scheme

Fanning himself dramatically, Sun pointed to specific “co-conspirators”: Alex De Lorraine, Vincent Chok (FDT’s very own CEO), and Yai Sukonthabhund. He theatrically accused them of collectively raking in “tens of millions” in sneaky side deals, presumably while sporting matching monocles. 🧐

Sun insisted that $456 million was fated for a Cayman fund, carefully guarded by Matthew Brittain through Aria Capital Management Ltd. Instead, the funds were diverted to Aria Commodities DMCC, an entity Sun claimed quietly belonged to Matthew’s wife, Cecilia Brittain. Gasp!

He further suggested FDT CEO Vincent Chok orchestrated a lavish transfer of $15.5 million as “secret kickbacks,” depositing them into a hidden Hong Kong nest egg christened Glass Door. One imagines a sly wink exchanged over tea in a dimly lit parlor.

Amid the uproar, Sun also said he’d unveil a $50 million bounty to rescue TUSD reserves — apparently determined to add some philanthropic zest to this melodrama. He had, after all, staged a heroic intervention to stabilize TUSD after it stumbled into a scandalous reserve crisis. 🤦‍♂️

First Digital Trust Reacts with A Defamation Lawsuit

FDT, not to be outdone in this grand spectacle, fired back by suing Sun for defamation in Hong Kong’s High Court. One imagines their lawyers wearing stiff collars and solemn expressions, brandishing papers like a stage manager’s script. FDT insisted Sun’s remarks ravaged its good name and threatened to toss any illusions of gentle resolution into the sea.

FDT claimed Sun’s grumblings about its finances and ethics were baseless. This legal tussle, they said, would prove their integrity and restore the reputation they held so dear. But the tempest had already brewed market mayhem for FDUSD, FDT’s stablecoin. After Sun’s early catastrophe proclamations, FDUSD briefly lost its precious dollar peg before wobbling back to about $0.9987. Perhaps the peg was just away for tea. 🍵

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2025-04-10 22:03