First Digital Trust (FDT) is no longer able to fulfill its obligation to redeem customer funds and has in fact fallen into insolvency. However, despite significant violations, the institution continues to operate in Hong Kong under the name of a public trust. This case indicates that there seem to be obvious loopholes in the Hong Kong trust industry that can be used to circumvent financial and banking regulations. This not only poses a risk to the public, but also threatens Hong Kong's reputation as a global financial center. I strongly urge Hong Kong regulatory agencies and law enforcement agencies to take decisive measures to plug loopholes and prevent further losses to the public.