Justin Sun Flags $500M Fraud at First Digital Trust in Hong Kong

Justin Sun Flags $500M Fraud at First Digital Trust in Hong Kong

Justin Sun is a well-known figure in the crypto space, having founded TRON in 2017, a blockchain focused on decentralized applications (dApps) and content sharing, with a current market cap around $10 billion for its TRX token, as per CoinMarketCap.

First Digital Trust, based in Hong Kong, is a digital asset custodian providing services for institutional clients, including custody, trading, and other financial services for cryptocurrencies, as detailed on their website About Us | First Digital Trust.

The connection between Sun and First Digital Trust likely stems from TRON or Sun personally having assets custodied there, given the report’s context, though specific details are not publicly available.

Details of the Embezzlement Report

On April 3, 2025, Justin Sun announced on X that he had reported a serious case of embezzlement at First Digital Trust to the Hong Kong authorities, stating, “I have reported a serious case of embezzlement at First Digital Trust to the Hong Kong authorities.

The amount involved is approximately $500 million. We are cooperating fully with the investigation” (Justin Sun on X). This statement, echoed in news articles like Justin Sun Reports $500M Embezzlement at First Digital Trust to Hong Kong Police – CoinDesk, published on April 3, 2025, and TRON Founder Justin Sun Reports $500 Million Embezzlement at First Digital Trust – CryptoNews, also from April 3, 2025, confirms the report.

The $500 million figure is likely in cryptocurrency value, given First Digital Trust’s role, possibly involving Bitcoin, Ethereum, or stablecoins like USDT, though specifics on the assets embezzled are not disclosed. The Hong Kong Police Force has confirmed the investigation is underway, as reported in Hong Kong Police Investigate $500M Embezzlement at First Digital Trust – South China Morning Post, published on April 3, 2025.

First Digital Trust issued a statement on their website, saying, “We are aware of the allegations made by Mr. Sun and are fully cooperating with the Hong Kong authorities in their investigation. We take these matters seriously and are committed to transparency” (First Digital Trust Response to Allegations). https://crypublishx.com/u-s-crypto-stocks-drop-amid-trumps-tariffs-shock/