First Digital Trust（FDT) Trust institutions involved in a $500 million fraud case, mainland cryptocurrency tycoon Sun Yuchen believes it is a problem with the Hong Kong system. The Chairman of the Legislative Council Subcommittee on Web3 and Virtual Asset Development, Wu Jiezhuang, stated that Hong Kong is actively attracting foreign investment, including mainland funds. However, in fact, many foreign friends have a very shallow understanding of the Hong Kong system, and even have many misunderstandings. They believe that this is a problem that needs to be addressed. The incident has an impact internationally, and the authorities must re-examine different regulatory systems as soon as possible to respond to society. Legislative Council member of the financial sector, Chan Chun ying, explained that trusts in mainland China mainly invest in wealth management products or manage wealth through banks, while trust companies in Hong Kong assist clients in handling entrusted assets. If the business involves mandatory provident fund, it is managed by the Mandatory Provident Fund Authority, if it involves insurance, it is managed by the Insurance Regulatory Commission, and if it is entrusted to trust companies for management, there is a chance that none of the four major regulatory agencies in Hong Kong have the authority to manage it. He called on investors to carefully investigate the background of the company.