Crypto boss Justin Sun calls for govt to plug crypto regulatory loopholes
Chinese cryptocurrency entrepreneur Justin Sun Yuchen is urging the Hong Kong government to quickly fix gaps in financial regulations.
His call for action comes after revealing a “Ponzi scheme” involving a “traditional financial institution” in the city and Web3 platforms.
Sun raised concerns through a post on X, warning that First Digital Trust (FDT) — a Hong Kong-based custodian appointed to manage TrueUSD (TUSD) reserves — is not meeting its responsibilities to fulfill client fund redemptions. He strongly advised users to take steps to protect their assets.
In an exclusive interview with Sing Tao Headline — The Standard’s sister publication — Sun described the incident as “utterly…
