Justin Sun: Techteryx does not belong to my own industry, and the assistance was provided to stabilize the market

BlockBeats News, April 3rd, Justin Sun stated in an interview with Sing Tao Daily that Techteryx Ltd. is not part of his industry. When asked why he decided to help, he explained that TUSD has 5 million users globally, and if these users find out that their TUSD holdings cannot be redeemed for cash, it will trigger a significant financial storm.

Justin Sun admitted that he was very surprised when he first learned of the event, saying it "shattered his worldview." He questioned how a financial institution could directly misappropriate user assets and transfer them elsewhere, thinking to himself, "This couldn't possibly be happening in Hong Kong, right? This is outright theft of depositors' funds!" He couldn't understand how large sums of money could be transferred overseas without the depositor's authorization. He believes that the government, the banking industry, and the regulatory authorities need to address this vulnerability and emphasizes that Hong Kong cannot become a breeding ground for fraudsters to embezzle funds. He also highlighted the need to recognize the funds that Web 3 companies can bring.

Previously, the investment company behind the stablecoin TrueUSD (TUSD), Techteryx Ltd., accused the CEO of the Hong Kong asset custody agency First Digital Trust (FDT), Kelvin Lo, and a licensed fund manager from Singapore, YAI SUKONTHABHUND, of colluding with multiple companies to fraudulently obtain over $500 million USD, equivalent to about $3.9 billion HKD in trust deposits from the plaintiff and the public.

Techteryx had entrusted $500 million USD in reserves to FDT for custody, which was later invested in a Cayman Islands fund. However, this Cayman Islands fund did not issue any investment-related share certificates to FDT. Without Techteryx Ltd.'s knowledge, at least $456 million USD of the reserve was directly transferred to an offshore private company named Aria DMCC in Dubai as an unsecured loan. The Cayman Islands fund has refused to redeem or repay the funds to Techteryx Ltd.