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FDUSD Issuer Assures Funds Are Backed 1:1, To Pursue Legal Action After Justin Sun's Allegations Send Stablecoin Below $1

Summary by Benzinga
The team behind First Digital USD (CRYPTO: FDUSD) addressed concerns regarding financial stability Wednesday after the dollar-backed stablecoin briefly depegged following allegations of insolvency by cryptocurrency entrepreneur Justin Sun.

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BenzingaBenzinga
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FDUSD Issuer Assures Funds Are Backed 1:1, To Pursue Legal Action After Justin Sun's Allegations Send Stablecoin Below $1

The team behind First Digital USD (CRYPTO: FDUSD) addressed concerns regarding financial stability Wednesday after the dollar-backed stablecoin briefly depegged following allegations of insolvency by cryptocurrency entrepreneur Justin Sun.

·New York, United States
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Coin DeskCoin Desk
Center

First Digital to 'Pursue Legal Action' Over Justin Sun Allegations as FDUSD Price Drops

The stablecoin deviated from its price peg as Tron founder Justin Sun claimed that First Digital Trust is "effectively insolvent."

·Manila, Philippines
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ecnetnews.comecnetnews.com

Justin Sun Initiates Legal Proceedings Against FDUSD Creator

Tron founder Justin Sun has launched legal action against First Digital Trust, the issuer of the FDUSD stablecoin, alleging embezzlement of nearly $500 million in client assets. In a recent post, Sun revealed that he met with a Hong Kong lawmaker to report the case and has provided relevant materials to local regulators and judicial bodies. The allegations focus on the management of client funds by First Digital Trust, which Sun claims have been…

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GlobalNewsItGlobalNewsIt

Binance Faces Community Backlash and Boycott Calls – #CryptoUpdatesGNIT

Controversies surrounding token listings, the depegging of the FDUSD stablecoin, and allegations of unethical behavior have raised a crucial question: Is Binance losing its credibility? These issues threaten to erode trust and challenge Binance’s standing in the crypto industry. Binance Struggles to Meet the Standard One of Binance‘s most pressing issues is the poor performance of the tokens listed on the exchange. As BeInCrypto reported earlier…

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BlockworksBlockworks

Justin Sun's allegations of FDUSD insolvency cause 9% depeg

The Binance-affiliated stablecoin lost about $200M of market cap after Sun tweeted that its issuer couldn't "fulfill client fund redemptions."

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ProtosProtos

First Digital defends FDUSD from Justin Sun's attacks

First Digital Trust has defended its firm after Justin Sun claimed it had misappropriated the vast majority of TrueUSD reserves.

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Bitcoin Ethereum News broke the news in on Wednesday, April 2, 2025.
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