FDUSD Stablecoin Drama: First Digital Labs Fires Back with Solid Backing Amid Fraud Allegations

New Attestation Report Drops: FDUSD Fully Backed, Says First Digital Labs

First Digital Labs just dropped a bombshell attestation report, proving that their FDUSD stablecoin is 100% backed, despite the wild fraud accusations flying from none other than Tron founder Justin Sun. Talk about a plot twist!

Reserves Stack Up: $1.74B in US Treasury Bills and More

Check this out: the report, fresh out of the oven on Apr. 14, shows reserves worth a cool $1.74 billion in U.S. Treasury bills and another $603 million chilling in overnight repurchase agreements. That's a perfect match for FDUSD's total supply of 2.58 billion tokens. Oh, and they've got fixed deposits spread across the globe too. Impressive, right?

FDUSD Reserves: Safe and Sound

First Digital Labs is doubling down, saying all FDUSD reserves are locked up tight in bankruptcy-remote accounts, far away from their own funds. And get this: over $1 billion worth of FDUSD has been redeemed without a hitch. That's what I call confidence!

Latest Attestation Reports: Transparency at its Finest

The latest $FDUSD attestation reports are hot off the press and ready for your eyes. At First Digital HQ, they're all about that financial transparency, accountability, and keeping client assets safe. They're even bringing in two big-name firms to prove it. That's how you do business!

Justin Sun's Bombshell: $500M Embezzlement Accusations

But wait, there's more drama! Just days ago, Justin Sun dropped a bombshell, accusing First Digital Trust of pulling off a massive $500 million embezzlement scheme. He claims they, along with a shady network including Dubai-based Aria DMCC, tricked the stablecoin's issuer into wiring the funds to some random entity. The money allegedly took a wild ride through a fake address switch and ended up in a Hong Kong account called "Glass Door." Sounds like a Hollywood thriller!

Sun's Livestream and Lawsuit: The Battle Heats Up

Sun isn't holding back. He's named names, called it a "major international financial fraud," and compared it to a classic crypto wallet exploit. He even went live on stream and met with Hong Kong regulators to spill the tea. But First Digital Trust isn't backing down either. They've fired back with a defamation lawsuit in Hong Kong's High Court, demanding Sun zip it, retract his claims, and cough up some damages. This feud is getting real!

FDUSD's Wild Ride: From Peg Loss to Recovery

The drama caused FDUSD to briefly lose its cool, dipping as low as $0.87. But it's bounced back like a champ and is now trading at $0.99. Talk about resilience!

FDUSD: The Regulated Stablecoin on the Rise

Issued by FD121 Limited and watched over by First Digital Trust, FDUSD is making waves as a fiat-backed, regulated stablecoin. You can find it strutting its stuff on Ethereum, BNB Chain, Solana, and Sui. It's the stablecoin that's got everyone talking!

First Digital Trust's Promise: Regular Attestations and Transparency

As this legal rollercoaster continues, First Digital Trust is standing firm. They're promising to keep dropping those regular attestations and teaming up with independent firms to keep their reserves crystal clear. That's how you keep the trust alive in the wild world of crypto!