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First Digital, the issuer of the FDUSD stablecoin pegged to the US dollar, issued a statement today, asserting that accusations made by Justin Sun are entirely baseless and false. The company emphasized that any claims linking FDT to coordinated plans or misuse of funds are unfounded. It was highlighted that all transactions are conducted solely based on written instructions from Techtery and its authorized representatives. Additionally, First Digital confirmed that the stablecoin FDUSD is fully backed by reserves, ensuring that each unit is secured by cash or cash-equivalents at a 1:1 ratio. The company stated that it would pursue legal action, asserting that the accusations aim to harm its reputation.
“FDT Acts Solely as an Intermediary; Decision Authority Lies with Techtery”
First Digital clearly stated that FDT has never made investment decisions or conducted independent assessments regarding fund management. All operations are recorded as being conducted solely according to written orders from Techtery and its representatives. It was also noted that each of these instructions is documented and can be presented as evidence when necessary.
Additionally, First Digital addressed ARIA’s concerns regarding AML and KYC related to Techtery’s fund withdrawal requests. It was noted that Techtery has refused to share information about the acquisition agreement with TrueCoin and the ultimate beneficial ownership, leading to regulatory uncertainties.
“An Attempt to Defame, Mislead, and Damage Reputation”
The company claimed that Justin Sun, the founder of TRON, and Techtery are attempting to associate them with a conspiracy to evade accountability. First Digital emphasized that the responsibility for managing reserves lies directly with Techtery, the issuer of the stablecoin. It was reiterated that Techtery holds full authority in determining its risk profile and investment strategy, although it has not exercised this right to choose safer investments.
First Digital reassured investors that FDUSD is fully secure and adequately backed by reserves. The publicly released audit report confirmed that all reserves are validated with ISIN numbers. It was also emphasized that redemption requests are being processed as usual, with no liquidity issues encountered. Lastly, the company announced that it would initiate legal proceedings to protect both its and FDUSD’s reputation against these unfounded claims.
After Sun’s allegations, FDUSD temporarily lost its peg to the US dollar, dropping to $0.9135 instead of the expected $1. Since then, the altcoin has significantly rebounded, trading at $0.9951 at the time of this report.
