PANews reported on April 4 that Justin Sun once again accused FDT of fraud. He said: First Digital Trust (FDT) blatantly disregarded all fiduciary obligations and regulatory norms, claiming to manage Aria Commodity Finance Fund's securities portfolio of up to US$501.8 million on behalf of Techteryx in its own legal name. According to the Hong Kong Securities and Futures Ordinance (SFO), any individual or company that provides securities portfolio management services must hold a Type 9 license from the Hong Kong Securities and Futures Commission, unless the service is limited to its wholly-owned subsidiaries or provided by its 100%-controlled parent company. Obviously, FDT is not only ignoring the basic principles of the trust industry, but also openly defying Hong Kong's laws on banking and investment. In other words, its actions have completely disregarded Hong Kong's regulatory agencies and law enforcement agencies.
In addition, Sun Yuchen believes that FDT has not only fallen into negative assets, but has had negative net assets for three consecutive years. As of the end of 2024, its net assets are negative HK$100 million. This does not include the huge losses caused by its large-scale misappropriation of user assets. Even so, it can still publicly trust billions of dollars of public assets in the market.
Earlier, First Digital responded that it would take legal action against Sun Yuchen’s “slanderous behavior” .
