First Digital Trust (FDT) Responded to Justin Sun with an Official Statement via Social Media! Here are the Details

First Digital Trust (FDT) issued an official statement via social media, vehemently rejecting the latest claims made by Justin Sun, the founder of Tron.

First Digital Trust Denies Justin Sun’s Claims, Plans Legal Action

The company stated that the dispute is solely related to TUSD (TrueUSD) and is completely unrelated to FDUSD (First Digital USD).

Key Points from First Digital Trust’s Statement:

FDUSD is fully backed by U.S. Treasury bonds, providing complete security and transparency. The company confirmed its strong financial health and full repayment capacity by stating that $87 million worth of FDUSD redemptions were successfully completed in the last 24 hours, banking operations continued smoothly, and market prices stabilized.

The claims are baseless and aim to harm competitors. First Digital Trust accused Justin Sun of orchestrating a smear campaign against FDUSD to undermine a rival project. The company stated that despite Sun’s allegations, no legal action has been taken over TUSD issues in the last three years, which demonstrates a lack of legal grounds.

First Digital Trust will resort to legal means to protect its reputation and the interests of its investors. The company has also provided a link to an audit report to support its claims and ensure transparency.

Upcoming Public Q&A Session

To alleviate concerns, First Digital Trust will host an online Q&A session via X Space on April 3rd at 3:00 PM, where further explanations will be provided.

This development adds another layer to the ongoing discussions between Justin Sun and First Digital Trust, highlighting the increasing tensions in the stablecoin industry.