I have roughly restored the events surrounding FDUSD. There are quite a few responsible parties here, but indeed someone needs to take the blame. First, I looked at @justinsuntron's tweets, where Justin started posting three consecutive tweets at 11:21 PM Beijing time.

The main content discusses the insolvency issue of FTD, citing news published on Coindesk, indicating that Justin was the first to expose this matter on Coindesk.

However, neither Justin's own content nor Coindesk's content explicitly mentioned FDUSD; they only stated that FTD was facing insolvency. So, what is going on?

The issue dates back to 2020 when TrueUSD (TUSD) was initially issued by TrueCoin and was acquired by Techteryx Ltd. in December 2020. After the acquisition, Techteryx entrusted First Digital Trust (FDT) to manage its reserve funds, meaning FDT itself is an asset management company, not the issuer of TUSD.

Moreover, in the Coindesk document, Justin provided some evidence suggesting that FDT might have some issues. Of course, Justin mentioned that specific details would be disclosed at the press conference on April 3.

So, what does this have to do with FDUSD? Currently, FDT is indeed the issuer of FDUSD, having issued FDUSD, but it is also the asset manager for TUSD. However, I did not see any content directly related to FDUSD in Justin's explanation or Coindesk's documents.

I am not even sure if FDT manages FDUSD and TUSD separately, so I checked FDT's reserve report for February published in March, which shows that FDUSD has $1.7 billion in short-term U.S. Treasury bonds, and it has been audited. Of course, if we go by what Justin said, this audit might also have issues.

I suggest that those who have incurred losses can download this reserve report from FDT's official website. If FDT is found to be fraudulent, they can sue in Hong Kong and receive 100% compensation. Those who cannot download it can ask me for it.

Since FDUSD was not mentioned, how did many people know that FDT was responsible for FDUSD? It might be due to another piece of news.

This news explicitly stated that FDT is the issuer of FDUSD, which is correct. Moreover, FDT's official website only lists one product, which is FDUSD. So, in conjunction with Justin's statements, many users believed that FDUSD would collapse, leading to a significant decoupling of FDUSD.

Looking back at the entire event, the first party that should have spoken up should be @FDLabsHQ. In reality, FDT's official statement was only released at 12:25 AM Beijing time, more than an hour after the incident, by which time FDUSD had already almost returned to above 0.98.

Next, @binance should have issued official information. As the almost exclusive partner of FDUSD, Binance has an undeniable responsibility. Users chose to use FDUSD not because they trusted FDT, but because they trusted Binance. Yet even now, Binance has not issued any information through official channels, missing the best opportunity for users to cut their losses.

@justinsuntron has already provided part of the path and statements, but stronger evidence is needed, which we may see tomorrow.

My personal suggestion for investors who have incurred losses in this wave is to either prepare to sue Justin or prepare to sue FDT. The former can be done in Hong Kong, and the latter is a Hong Kong company, so neither can escape. Whoever lies should be sued.

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