Tron founder Justin Sun has announced a $50 million bounty on information that will help recover $456 million in misused TrueUSD Stablecoin reserves.
Sun blames licensed intermediaries
Tron founder Justin Sun has announced a $50 million bounty on information to help recover $456 million misused TrueUSD Stablecoin Relives. Sun said the prize money aims to ensure justice for victims of theft, including themselves, while also protecting Hong Kong’s reputation as a global financial centre.
The prize money started two days after Sun encouraged followers on X to abandon their first digital USD Stablecoin project. His concern stems from First Digital’s “fraud” transfer of “fraud” $456 million in digital assets belonging to a client to a private company in Dubai.
In a statement issued on April 4, Sun alleged that misappropriation of funds was facilitated by “licensed intermediaries” operating in multiple jurisdictions. He accused parties involved of exploiting regulatory loopholes in the trust industry.
“I am determined to support and assure that all fraudsters are responsible under the full power of the law,” Sun said. “They should never be allowed to have another opportunity to scam the public in Hong Kong or elsewhere, pretending to be a licensed agency.”
However, as reported by Bitcoin.com news and others, First Digital has rebutted Sun’s allegations, claiming that “$FDUSD, which supports all dollars, is completely safe and secure, and is explained in the US Support T-Bill.” The company also accused Sun of adjusting a social media-adjusted campaign aimed at crippling it.
Meanwhile, according to a Sun statement, he was approached by Techteryx, the Asian consortium that manages TUSD after discovering that $456 million had been misappropriated. Sun said he acted swiftly by extending 500 million loans to TUSD to prevent the collapse.
Sun’s plea and subsequent media coverage sparked a response from Hong Kong MP Johnny Ng. The lawmaker said if the allegations prove true, “the enforcement body will undoubtedly take action to protect the rights and interests of citizens and international investors.”
According to a statement from Tron’s founders, insiders or whistleblowers who provide key information and help recover funds will be rewarded. Additionally, a dedicated tracking platform will soon be launched, offering real-time updates on progress. A statement added that all reported information will be thoroughly reviewed before the compensation is issued.
