According to a recent announcement from Justin Sun on social media, First Digital Trust (FDT), the issuer of FDUSD, has reportedly entered bankruptcy proceedings, raising serious concerns regarding its ability to satisfy customer withdrawal demands. In light of this alarming development, users are encouraged to take precautionary measures to safeguard their investments. The situation has highlighted critical gaps within the trust licensing framework in Hong Kong, alongside deficiencies in the internal risk management protocols of the financial system. Stakeholders are calling on regulatory bodies and legal authorities to act promptly to rectify these vulnerabilities in order to avert significant financial repercussions. The integrity of Hong Kong’s status as a preeminent global financial hub hangs in the balance, prompting urgent calls to reinforce measures against potential financial misconduct and protect investor confidence.
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