Coin Edition 2025-05-03 22:45:00

Justin Sun Shares Major Update on $500M TUSD Reserve Misappropriation: Calls Out ARIA-FDT Scam and Dubai Banks

Justin Sun shared more details on how over $500M in TUSD reserves were misappropriated via FDT and ARIA-linked entities. The funds passed through Dubai banks, prompting calls for regulatory intervention. Named individuals include TrueCoin, FDT, Finoport, and ARIA Commodities executives. TRON founder Justin Sun has issued an update on what he describes as a “$500 million fraud” involving misappropriated TrueUSD (TUSD) reserves. The alleged scheme centers around a web of individuals and entities linked to First Digital Trust (FDT), Legacy Trust, and ARIA Commodities, with funds reportedly flowing into financial institutions in Dubai. Sun Names Individuals, Entities Allegedly Involved In his statement, Sun credited the newly launched Web3Bounty.io platform for advancing transparency in tracking large-scale fraud across the crypto ecosystem. He named five individuals allegedly involved: Christian Alexander Boehnke De Lorraine Elbouef: Head of Finance & Operations at TrueCoin, the former operator of TrueUSD (TUSD) Vincent Chok: CEO of First Digital Trust (FDT) and Legacy Trust Yai Sukonthabhund: Former CEO of Crossbridge, now a partner at Fi… The post Justin Sun Shares Major Update on $500M TUSD Reserve Misappropriation: Calls Out ARIA-FDT Scam and Dubai Banks appeared first on Coin Edition .