On April 3, Sun Yuchen, the founder of TRON, revealed a major financial fraud case involving the misappropriation of TUSD (TrueUSD) fiat reserves at a press conference. In this case, financial institutions including the Hong Kong licensed trust company First Digital Trust Limited (FDT), Legacy Trust Company Limited (Legacy Trust), and a private company in Dubai conspired to misappropriate $456 million of client funds. Sun Yuchen stated that while providing financial support to Techteryx, the owner of TUSD, he noticed that this case not only threatens public interests but also exposes serious loopholes in the trust industry, jeopardizing Hong Kong's reputation as a global financial center.

According to information disclosed at the press conference, after Techteryx acquired TUSD from TrueCoin LLC (TrueCoin) in December 2020, TrueCoin was retained and entrusted to select financial service providers and coordinate international operations, a related arrangement that was terminated in July 2023. During this period, TrueCoin, in its fiduciary role, selected FDT as the custodian of TUSD's statutory reserve assets, managing over $500 million in reserve funds. At the same time, TrueCoin also recommended the Aria Commodity Finance Fund (“Cayman Fund”) to Techteryx as a primary investment.

In subsequent transactions, TrueCoin allegedly conspired with institutions like FDT to transfer $456 million of TUSD statutory reserves to a private company in Dubai, wholly owned by the wife of the aforementioned Cayman Fund's investment manager, through false documents and unauthorized transfers. Vincent Chok, CEO and Director of FDT and Legacy Trust, directly approved these illegal transactions, severely violating fiduciary duties.

In 2023, due to FDT's failure to pay interest generated from certain investments made on behalf of Techteryx, Techteryx appointed an independent professional team to conduct a comprehensive investigation into FDT, discovering that a large amount of client funds under custody had been misappropriated, while also seeking support from Sun Yuchen. Sun Yuchen provided assistance to Techteryx with his personal funds, ensuring that TUSD had sufficient liquidity to protect the interests of all TUSD holders.

It is reported that as early as September 2024, the U.S. Securities and Exchange Commission (SEC) issued a public statement accusing TrueCoin of participating in fraudulent activities involving TUSD. These fraudulent activities occurred during the period after Techteryx's acquisition when TrueCoin was still operating TUSD. The SEC believes that "TrueCoin profited by making false statements about the safety of investments, while exposing investors to significant, undisclosed risks."

Sun Yuchen stated, "These assets are public funds. To protect public interests and maintain Hong Kong's reputation as an international financial center, I decided to provide liquidity support. While I am shocked by the scale of this fraud, I feel a great sense of responsibility."

Sun Yuchen called for Hong Kong regulators to take decisive action to close loopholes and prevent further losses of public funds. He chose to publicly address this issue and expose the fraudulent activities in hopes of seeing all fraudsters held accountable under the full force of the law, stating, "They should never have the opportunity to defraud the public again under the guise of licensed institutions in Hong Kong or elsewhere."

In this case, the ability of licensed institutions like FDT to freely misappropriate public funds indicates that regulatory deficiencies still exist, while the complex cross-jurisdictional criminal network highlights the necessity for global cooperation in combating financial fraud. Sun Yuchen stated, "As a member of the industry, I choose to expose the truth and assist TUSD to protect the public and promote the healthy development of the industry. Fraudsters must be severely punished by law."

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。