In the early hours of April 3, Sun Yuchen posted a message accusing the stablecoin FDUSD issuer First Digital Trust (FDT) of being insolvent and unable to fulfill customer fund redemptions, which led to a significant temporary de-pegging of FDUSD. Over the past two months, Binance has frequently launched Launchpool activities, so many users should have some understanding of FDUSD, which is also one of the important stablecoins in Binance's Launchpool (along with USDC). This means that many people hold a certain amount of FDUSD, and thus the de-pegging of FDUSD has affected many users who often participate in new projects on Binance—many users sold off due to market panic, resulting in losses. Odaily Planet Daily summarizes the events as follows:

Sun Yuchen's Late-Night Post Accusing FDUSD Issuer First Digital Trust (FDT) of Insolvency

At 11:21 PM, Sun Yuchen posted on X, stating: "The stablecoin FDUSD issuer First Digital Trust (FDT) is actually insolvent and unable to fulfill customer fund redemption obligations. I strongly advise users to take immediate action to protect their assets and urge regulatory agencies and law enforcement to take swift action to resolve these issues to prevent further significant losses."

Sun Yuchen's post was not without warning, but it was a bit sudden and caught everyone off guard. In recent days, Sun Yuchen had been releasing messages indicating that he would announce a "major industry event" on April 3. The teaser version seen on social media was an invitation from Sun Yuchen, stating: "Sun Yuchen will hold a press conference in Hong Kong to expose a major international financial fraud Ponzi scheme involving traditional financial institutions in Hong Kong and Web3 platforms."

At this point, Sun Yuchen's recent post seemed to echo his earlier messages. Following his post, FDUSD briefly fell below $0.90, hitting a low of $0.8726.

Wintermute's Bargain Buying and Binance's Clarification

While everyone was FUDing FDUSD, Wintermute went against the trend. On-chain analyst Ai Yi monitored that within 20 minutes of Sun Yuchen's post, the market maker Wintermute withdrew a total of 31.36 million FDUSD from Binance in four transactions, becoming the largest holder of FDUSD outside of Binance, holding approximately 65.46 million tokens, accounting for about 2.5% of the total circulation. It seems that Wintermute is trying to support FDUSD.

Of course, Wintermute's actions did not lead to a rapid rebound for FDUSD; users were still most eager for a statement from Binance. Binance's Sisi first stated in a group that FDUSD could be redeemed 1:1, and that Sun Yuchen's post might be due to some beef between FDT and Sun Yuchen's previous projects.

Subsequently, Binance co-founder He Yi also posted on X, stating: "This incident is due to a lawsuit between Sun Yuchen and TUSD, not FDUSD."

However, the problem is that many retail investors sold off FDUSD in a panic, and after a statement from Binance's official personnel, it slowly returned to peg. Users criticized Binance for responding in the group first instead of issuing an official announcement. In response, He Yi stated that the Binance team was also in contact with FDUSD, and the announcement should be made by them, not Binance. Binance had already conducted thorough audits, but this incident is a legal dispute between Sun Yuchen and FDT, and Binance is not fully aware of the details.

Originating from the TUSD Dispute: FDT's "Misconduct" and Sun Yuchen's Rescue

Coindesk also quickly confirmed the previous disputes between Sun Yuchen and FDT, noting that FDT is not only the issuer of FDUSD but also the asset management institution for TUSD.

The story dates back to December 2020, when FDT was appointed to manage the stablecoin reserves after taking over TrueUSD from TrueCoin. In subsequent court filings, it was revealed that FDT had engaged in some misconduct:

1. FDT invested the stablecoin reserves in the Aria Commodity Financial Fund (Aria CFF), registered in the Cayman Islands, but approximately $456 million was improperly diverted to an unauthorized independent entity, Aria DMCC, located in Dubai (the actual controllers of both entities are a married couple). The plaintiffs accused that the funds sent to Aria DMCC were blatant misappropriation and money laundering, and these operations were unauthorized;

2. First Digital CEO Vincent Chok was accused of transferring approximately $15.5 million in undisclosed commissions to an entity called "Glass Door" and additionally issuing approximately $15 million in unauthorized trade financing loans from FDT to Aria DMCC, which were later retrospectively misclassified as legitimate fund investments.

Subsequently, FDT's CEO Chok denied any misconduct or involvement in any fraudulent schemes during the aforementioned process. He stated that FDT acted solely as a trustee intermediary, executing transactions strictly according to the instructions provided by Techteryx and its representatives, and the company was not responsible for independently assessing or advising on these investment decisions.

The dispute between Sun Yuchen and FDT also arose here. Due to FDT's "investment and misappropriation," Techteryx almost failed to recover its funds when attempting to redeem its investments from Aria CFF between mid-2022 and early 2023, leading to accusations against the related entities of Aria. During this period, Sun Yuchen stepped in to provide emergency liquidity support for TUSD, which was set up as a loan.

On-chain data shows that over 80% of TUSD is now managed by Sun Yuchen's team, with addresses suspected to belong to Sun Yuchen accounting for 50% of the total. Among them, JustLend holds about 146 million TUSD, accounting for 30%, and JustLend is also the largest use case for TUSD, allowing users to pledge TUSD for other assets like USDT. Currently, JustLend's largest loaned asset is USDT, with a loan amount of $63.44 million.

As it stands, the $456 million in misappropriated funds has not been returned, and Sun Yuchen's loan remains unpaid.

FDT's Late-Night Space and FDUSD Audit Report

Returning to FDUSD, as He Yi mentioned earlier, clarifications related to FDUSD should come from FDT. One of FDT's accounts, First Digital, also held a Space on X titled "Statement on Sun Yuchen's False Accusations." FDT CEO Vincent Chok answered user questions in real-time. After summarizing, Odaily noted that Vincent Chok's responses can be categorized into several points:

1. Sun Yuchen's accusations stem from an ongoing legal case involving TUSD that has lasted over two years (as mentioned in the previous CoinDesk content). I am not sure why this issue is being raised now. Moreover, Hong Kong companies are all complying with legal regulations;

2. We will not go bankrupt; we have asset proof from third parties available on our official website for everyone to check at any time. Our reserves are fully sufficient to support 1:1 FDUSD redemptions at any time;

3. Our funds and customer funds are completely separate; customers have their funds in FDD accounts we operate. If we were insolvent, customer fund reserves would not be affected;

4. We are a fully regulated entity, having passed all compliance checks such as AML and KYC. We have partnerships with banks, and they are very satisfied with us. I cannot control the external FUD. However, the way to maintain stability in this industry is to ensure complete transparency for our customers and users.

After the Space ended, Odaily checked their official website for reserve proof. FDT's February reserve proof released in March showed that as of February 28, 2025, at 21:00 ET (March 1, 2025, 9:00 HKT):

Total circulation of FDUSD: 2,041,924,819.94 tokens, total reserve assets corresponding to FDUSD: $2,051,348,188.70, with the reserve asset composition including:

1. Total holdings of U.S. Treasury Bills: $1,733,452,142.60 (approximately 84.5%);

2. Holdings in Overnight Reverse Repo Agreements: $33,000,000.00 (approximately 1.6%);

3. Holdings in Fixed Deposits: $145,880,000.00 (approximately 7.1%);

4. Cash balance in U.S. Dollars: $139,016,046.10 (approximately 6.8%).

That is to say, if the reserve proof is completely accurate, FDUSD supports 1:1 redemptions.

Stablecoin Cut Again? Sun Yuchen's Grievances with FDT, Retail Investors Pay the Price

In the end, Sun Yuchen once again released a statement emphasizing that FDT has gone bankrupt and stated that everything will be decided by the judicial authorities and regulatory agencies.

As of the time of this post, Sun Yuchen's statement has not provided any additional important evidence, and the court case against Techteryx is still ongoing. At this point, the FUD surrounding FDUSD seems to have settled, and FDUSD has gradually returned to a peg of around $0.98. "Once bitten by a snake," many users are very cautious about stablecoin de-pegging due to the previous UST incident, and they tend to flee at the first sign of FUD, with some even selling at the lowest point before a rebound.

But for retail investors, it seems like today is April Fool's Day: FDUSD has returned to around $0.98, Sun Yuchen is still emphasizing FDT's bankruptcy, the FDT lawsuit is still ongoing, and Binance continues to support FDUSD, leaving you with 10% less of your money.

As mentioned earlier, many users in the community questioned why Binance only publicly clarified the FDUSD situation on social media after it fell below $0.90. They claimed that Binance wanted retail investors to sell at the bottom while large traders bought in.

In response, Binance co-founder He Yi stated that the official announcement regarding FDUSD requires a process, including capital verification and time. Binance's Sisi only mentioned that FDUSD could be redeemed 1:1 after seeing some people panic-selling in the group.

With less than 10 hours until Sun Yuchen's press conference in Hong Kong on April 3 at 13:30, Odaily Planet Daily will continue to track and report on related news and developments from the conference.

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