Breaking: Justin Sun offers a reward of 50 million USD for exposing the embezzlement of 500 million USD by First Digital

The founder of TRON, Justin Sun, has announced a bounty program worth 50 million USD to expose the embezzlement of 500 million USD by First Digital Trust (FDT), the issuer of the stablecoin FDUSD. In a statement on social media on April 4, Sun revealed that the bounty accounts for about 10% of the stolen amount. This development comes less than 24 hours after Sun met with Hong Kong lawmaker Johnny Wu. He calls on those involved and industry insiders with relevant information to speak out, while committing to complete transparency through the dedicated portal web3bounty.io, which will monitor the investigation process and rewards. He said: "All complaints will be rigorously assessed before the bounty is awarded." According to Sun, this mission is not just about recovering funds. He stated that this incident is aimed at protecting the integrity of the web3 ecosystem and safeguarding Hong Kong's position as a reliable global financial center. On April 3, the founder of TRON submitted documents to local authorities and urged for immediate regulatory oversight of FDT. Sun stated that this situation exposes deep flaws in how trust entities operate at the intersection of traditional finance and blockchain. To further raise awareness, Sun held a press conference detailing what he considers serious irregularities in FDT. He also alleged that the company has functionally lost its ability to pay but continues to operate under the guise of a public trust. Since then, the Hong Kong government has committed to act swiftly if Sun's allegations of fraud against FDT are proven true. FDUSD suffers a loss The ongoing dispute between Sun and First Digital Trust has had a significant impact on the stablecoin FDUSD. On April 2nd, this stablecoin experienced significant price volatility following Sun's announcement but has since stabilized. However, investor confidence appears to be shaken. Data from CryptoSlate shows that the market capitalization of FDUSD has dropped from $2.59 billion on April 2 to around $2.2 billion, reflecting a decrease of nearly $400 million within 48 hours. The FDT later admitted to handling some of the ransom, saying the reason for the withdrawal was an increasingly volatile market following the allegations. The group also promised to protect its business operations and reputation from what it calls misleading information.