First digital ‘pursue legal action’ on Justin Sun’s allegations as FDUSD prices decrease
FDUSD, Stablecoin-issued by Hong Kong-based digital, has disrupted from the $ 1 PEG price as investors mounted on its reserves, though the company said on Wednesday that it was “completely solvent.”
FDUSD dropped to 0.87 against Tether’s USDT Stablecoin and 0.76 against the USDC of the Circle in Binance, the main exchange of which FDUSD was listed. The token was established around $ 0.98 later, still exchanged below the supposedly anchor price.
Sudden price actions occurred as CoinDesk reported on Wednesday that some of the reserve reserve reserve of Trueusd Stablecoin were stuck to unknown investments, according to the files. Tron founder Justin Sun has been bailing the company of the Provider. First Digital Trust, a Company of Trust affiliate with the first digitalwas appointed to manage TUSD reserves.
“The first Digital Trust (FDT) is effectively worthless and will not fulfill client fund redemption. I highly recommend that users take immediate action to secure their possessions,” Tron founder Justin Sun claimed A Wednesday X Post.
The first digital declined allegations into a X post.
“This is a common Justin Sun Smear campaign to try to attack a competitor in his business. As we told the CoinDesk reporter, we have never had the opportunity to defend ourselves and instead let the thing to deal with in court, Justin thinks of a coordinated social media to try to break the FDUSD as a business,” the company said. “FDT will continue legal action to protect its rights and reputations.”
Latest monthly fdusd reserve shown That $ 2 billion of reserves is held in most US bills and a smaller part in repo facilities and fixed deposits.
