We collect cookies to analyze our website traffic and performance; we never collect any personal data.Cookies Policy
Accept
Michigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
Reading: First Digital defends FDUSD from Justin Solar’s assaults
Share
Font ResizerAa
Michigan PostMichigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
© 2024 | The Michigan Post | All Rights Reserved.
Michigan Post > Blog > Crypto & Web 3 > First Digital defends FDUSD from Justin Solar’s assaults
Crypto & Web 3

First Digital defends FDUSD from Justin Solar’s assaults

By Editorial Board Published April 3, 2025 23 Min Read
Share
First Digital defends FDUSD from Justin Solar’s assaults

First Digital Belief has taken to X to defend its First Digital USD (FDUSD) stablecoin towards assaults from cryptocurrency entrepreneur Justin Solar. 

Within the assertion, First Digital claims that “every FDUSD is securely backed 1:1 by cash and cash equivalents” and provides that the agency “remains fully solvent.”

Moreover, First Digital denies “any and all claims of FDT being involved in a coordinated scheme or misappropriation of funds.”

First Digital stands agency: Justin Solar’s baseless accusations received’t distract from Techteryx’s personal failures— our stablecoin FDUSD stays absolutely backed and solvent.

Learn our official assertion. pic.twitter.com/FndxX1mCCg

— First Digital (@FirstDigitalHQ) April 3, 2025

First Digital is responding to Solar and Techteryx’s (the agency behind TrueUSD) claims that First Digital had misappropriated the overwhelming majority of TrueUSD reserves.  

This portion of the reserves, presently totaling over $500 million, has been inaccessible to TrueUSD for an prolonged interval and was additionally the middle of a Securities and Alternate Fee lawsuit. 

This swimsuit alleged that the reserves of TrueUSD had been principally invested in a extremely speculative fund, regardless of TrueUSD’s claims that it was “backed dollar-for-dollar.”

Techteryx has subsequently filed a swimsuit towards First Digital Belief and First Digital’s Chief Govt, Vincent Chok, in a lawsuit that alleged that First Digital had inappropriately directed these investments. 

After these investments had been made, the fund was unable or unwilling to service redemption requests from TrueUSD/Techteryx, and Solar reportedly had to offer a mortgage to TrueUSD.

It has additionally led Solar to make the accusation that First Digital is bancrupt. 

This dispute has additionally spilled out of the courts, and at the very least one Hong Kong legislator has commented on it.

根據傳媒報道,今天有Web3企業申訴表示在港懷疑被信託公司非法轉移5億美元資產,我也在立法會回應了事件,並會見當時人申訴。不少行業朋友和傳媒向我查詢事件看法,我有以下幾點回應 :

1.… pic.twitter.com/Qm29sfsV1f

— Johnny Ng 吴杰庄 (@Johnny_nkc) April 3, 2025

Nevertheless, the assertion from First Digital features a totally different rationalization, noting that the fund that was invested in, ARIA, “has voiced its AML/KYC concerns regarding the buy-out deal between TrueCoin and Techteryx and the identification of the ultimate beneficial owner of Techteryx.”

Former TrustLabs CEO, Daniel Jaiyong An, has beforehand alleged that Solar tried to accumulate TrueUSD with the help of Can Solar, a lawyer who later labored with FTX.

Nevertheless, Techteryx has claimed in public, and in repeated statements to Protos, that Solar will not be the last word useful proprietor of Techteryx or TrueUSD.

He has, nevertheless, been described as an “Asia Market Advisor” by TrueUSD and has described himself as a “partner market maker” for TrueUSD.

Moreover, CoinDesk reporting means that he offered the mortgage to bail out TrueUSD.

TAGGED:attacksdefendsDigitalFDUSDJustinSuns
Share This Article
Facebook Twitter Email Copy Link Print

HOT NEWS

Former Labour chief Lord Kinnock requires wealth tax to assist ailing authorities funds

Former Labour chief Lord Kinnock requires wealth tax to assist ailing authorities funds

Business
July 7, 2025
Garfield, Roosevelt put together to open new soccer stadiums this fall

Garfield, Roosevelt put together to open new soccer stadiums this fall

As if the Garfield vs. Roosevelt sports activities rivalry wanted any extra incentive to excite…

July 7, 2025
The right way to save on cookout prices this Fourth of July

The right way to save on cookout prices this Fourth of July

LANSING, Mich. (WLNS) -- The American Farm Bureau Federation carried out their annual survey about…

July 7, 2025
European heatwave leaves Spain, Portugal, Italy and Greece in sweltering 40C warmth

European heatwave leaves Spain, Portugal, Italy and Greece in sweltering 40C warmth

Main heatwaves throughout southern Europe have left Spain, Portugal, Italy, and Greece in sweltering situations…

July 7, 2025
Trump-affiliated USD1 has alt=

Trump-affiliated USD1 has $0 in extra reserves

USD1, the stablecoin from Trump-affiliated World Liberty Monetary, has issued its first reserve report, and…

July 7, 2025

YOU MAY ALSO LIKE

FHFA head desires Jerome Powell investigated and eliminated

The director of the US Federal Housing Finance Company (FHFA), William J. Pulte, has requested Congress to research Federal Reserve…

Crypto & Web 3
July 7, 2025

OpenAI to Robinhood: That’s not our inventory, bro

OpenAI to Robinhood: That’s not our inventory, bro AI large OpenAI has taken to X to remind an excited crypto…

Crypto & Web 3
July 7, 2025

Polymarket’s $58M Zelenskyy go well with wager might be determined at present

Polymarket’s controversial Volodymyr Zelenskyy go well with market is now up for its ultimate evaluate after UMA token holders constantly…

Crypto & Web 3
July 7, 2025

ZKasino rug pull suspect arrested in United Arab Emirates

Police within the United Arab Emirates (UAE) have arrested a 21-year-old crypto founder they are saying is related to the…

Crypto & Web 3
July 7, 2025

Welcome to Michigan Post, an esteemed publication of the Enspirers News Group. As a beacon of excellence in journalism, Michigan Post is committed to delivering unfiltered and comprehensive news coverage on World News, Politics, Business, Tech, and beyond.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 | The Michigan Post | All Rights Reserved

Welcome Back!

Sign in to your account

Lost your password?