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Justin Sun, the founder of TRON, has brought forth allegations of misconduct valued at $500 million against First Digital Trust (FDT), based in Hong Kong. Sun claims that a fund established in the Cayman Islands for investment purposes has been illicitly transferred to an unauthorized company based in Dubai.
Details of the Allegations
In his statement, Sun highlighted that FDT directed $456 million to Aria DMCC in Dubai instead of the Cayman Islands’ investment fund. He argued that this transfer was executed using a method akin to “address switching” seen in blockchain attacks.
Justin Sun: “FDT redirected the $456 million allocated for investment to a completely different entity. An address difference means a completely different wallet.”
Sun further suggested that the confusion between two similarly named entities appears to be a premeditated act of fraud.
Legal Proceedings and Reactions
The scope of these allegations includes the names of individuals Sun claims were involved in managing the transfer. Among them are Alex De Lorraine, FDT CEO Vincent Chok, and Yai Sukonthabhund.
Justin Sun: “FDT CEO Vincent Chok oversaw at least $15.5 million in secret transfers.”
Sun accused these individuals of obtaining unjust profits through hidden commissions.
Moreover, it was noted that instead of being managed by a Cayman fund operated by Aria Capital Management Ltd, the investment went to Aria Commodities DMCC, linked to Matthew Brittain’s spouse. The allegations emphasize that funds were misdirected between two different entities.
Sun had previously announced a $50 million program aimed at recovering TUSD reserves. In response to Sun’s claims, FDT has filed a defamation lawsuit in the Hong Kong High Court. The company argued that Sun’s allegations contained false information regarding its financial status and operations, damaging its corporate reputation.
In light of the allegations and the legal proceedings initiated, it is vital for involved parties to monitor official announcements and developments closely. Investors are advised to follow updates through announcements and official sources to make informed decisions.
