Justin Sun: FDT has become insolvent and suspected of fraud, calling on Hong Kong regulators to take decisive measures

Justin Sun again accused FDT in an X post: "First Digital Trust (FDT) has been unable to meet its obligations to redeem client funds and is effectively insolvent. However, despite significant irregularities, the institution continues to operate as a public trust in Hong Kong. This case demonstrates that there appear to be clear loopholes in Hong Kong's 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 call on Hong Kong regulators and law enforcement to take decisive measures to close the loopholes and prevent further losses to the public."