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    Home»Markets»First Digital USD (FDUSD) Depegs After Justin Solar Alleges Agency Is ‘Bancrupt’ and Not Fulfilling Redemptions – The Every day Hodl
    First Digital USD (FDUSD) Depegs After Justin Solar Alleges Agency Is ‘Bancrupt’ and Not Fulfilling Redemptions – The Every day Hodl
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    First Digital USD (FDUSD) Depegs After Justin Solar Alleges Agency Is ‘Bancrupt’ and Not Fulfilling Redemptions – The Every day Hodl

    By Crypto EditorApril 2, 2025No Comments3 Mins Read
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    A outstanding stablecoin depegged from the US greenback Wednesday morning after it was alleged that its Hong Kong-based issuer was bankrupt

    In a brand new thread on the social media platform X, crypto billionaire and Tron (TRX) founder Justin Solar urged his followers to “take quick motion” to guard any belongings they held in FDUSD, a stablecoin managed by First Digital Belief (FDT).

    Solar additionally referred to as for regulators to step in and take motion to forestall additional losses and save Hong Kong’s repute as a monetary energy.

    “First Digital Belief (FDT) is successfully bancrupt and unable to satisfy consumer fund redemptions. I strongly suggest that customers take quick motion to safe their belongings.

    There are important loopholes in each the belief licensing course of in Hong Kong and the interior danger administration of its monetary system.

    I urge regulators and regulation enforcement to take swift motion to handle these points and stop additional main losses. Hong Kong’s repute as a worldwide monetary middle is at stake, and related monetary fraud incidents must not ever occur once more.”

    FDUSD dipped to about $0.949 earlier within the day however has since recovered and is buying and selling for $0.982 at time of writing, a lower of 1.27% over the last 24 hours.

    In response, the FDUSD has denied Solar’s claims and can pursue authorized motion to defend its repute.

    “The current allegations by Justin Solar towards First Digital Belief are fully false.

    This dispute is with TUSD and never with FDUSD. First Digital is totally solvent.

    Each greenback backing FDUSD is totally, safe, protected and accounted for with US-backed T-Payments. The precise ISIN numbers of all the reserves of FDUSD are set out in our attestation report and clearly accounted for.

    This can be a typical Justin Solar smear marketing campaign to attempt to assault a competitor to his enterprise. As we instructed the reporter at CoinDesk, we’ve not but had the chance to defend ourselves and as an alternative of letting the TUSD matter be handled in courtroom, Justin has as an alternative resorted to a coordinated social media effort to attempt to harm FDUSD as a enterprise competitor.

    FDT will pursue authorized motion to guard its rights and repute.”

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    First Digital USD (FDUSD) Depegs After Justin Solar Alleges Agency Is ‘Bancrupt’ and Not Fulfilling Redemptions – The Every day Hodl

    Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses chances are you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in online marketing.

    Featured Picture: Shutterstock/Yurchanka Siarhei/Sensvector



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