Tron founder Justin Sun has announced a $50 million bounty for information to help recover $456 million in misappropriated Trueusd stablecoin reserves.
Sun Blames Licensed Intermediaries
Tron founder Justin Sun has announced a $50 million bounty for information that will aid in the recovery of $456 million in misappropriated Trueusd stablecoin reserves. Sun stated that the bounty aims to secure justice for victims of the theft, including himself, while also protecting Hong Kong’s reputation as a global financial center.
The bounty was launched two days after Sun urged his followers on X to abandon the First Digital USD stablecoin project. His concerns stem from First Digital’s “unauthorized” transfer of $456 million in digital assets belonging to clients to a private company in Dubai.
In a statement issued on April 4, Sun claimed that the misappropriation of funds was facilitated by “licensed intermediaries” operating in multiple jurisdictions. He accused the parties involved of exploiting a regulatory loophole in the trust industry.
“I am determined to support and ensure all fraudsters are held accountable under the full force of the law,” Sun said. “They should never be allowed to have another chance to scam the public under the guise of a licensed institution, in Hong Kong or elsewhere.”
However, as reported by Bitcoin.com News and others, First Digital has refuted Sun’s allegations, insisting that “every dollar backing $FDUSD is completely secure, safe, and accounted for with U.S.-backed T-bills.” The company also accused Sun of orchestrating a coordinated campaign on social media aimed at crippling it.
Meanwhile, according to Sun’s statement, he was approached by Techteryx, the Asian consortium managing TUSD, after it discovered that the $456 million had been misappropriated. Sun said he acted quickly by extending a loan of 500 million to TUSD to help prevent its collapse.
Sun’s pleas and the subsequent media reports sparked a reaction from Hong Kong lawmaker Johnny Ng. The lawmaker stated that if the allegations prove true, “the enforcement authorities will definitely take action to protect the rights and interests of citizens and international investors.”
According to the Tron founder’s statement, any insider or whistleblower who provides key information and assists in recovering the funds will be rewarded. Furthermore, a dedicated tracking platform will be launched soon, offering real-time updates on progress. All reported information will be thoroughly reviewed before rewards are issued, the statement added.
