Justin Sun: Techteryx is not part of the industry under his name, and he is helping to stabilize the market

BlockBeats News: On April 3rd, Justin Sun stated in an interview with Star Island that Techeryx Ltd. is not part of his business. When asked why they were helping, he explained that TUSD has 5 million users worldwide, and once it is discovered that their TUSD cannot be exchanged for cash, it will trigger a major financial storm. Justin Sun admitted that he was very surprised when he first learned about the incident, and even said that it shattered his worldview. "Financial institutions directly misappropriate user assets and send them to other places, can't it be Hong Kong? This is a complete theft of depositors' funds!" He didn't understand why large amounts of funds could be transferred overseas without authorization from the client. He believed that the government, banking industry, Securities Regulatory Commission, and others needed to face up to this loophole, emphasizing that Hong Kong cannot become a breeding ground for scammers to defraud funds, and at the same time, they should face the funds that Web 3 companies can bring. Previously, Techeryx Ltd, the investment company of stablecoin TrueUSD (TUSD), filed a lawsuit with the Hong Kong High Court accusing the CEO of Hong Kong asset custodian First Digital Trust (FDT), Zhuo Junqiang, and a Singaporean licensed fund manager, YAI SUKONTHABHAND, of conspiring with multiple companies to fraudulently obtain trust deposits of over 500 million US dollars, equivalent to approximately 3.9 billion Hong Kong dollars, from plaintiffs and the public. Techteryx once entrusted $500 million in reserves to FDT for custody, and the reserves were later invested in a Cayman fund. And this Cayman fund did not issue any investment related share certificates to FDT, nor did it transfer at least $456 million in reserves directly into the Dubai account of an offshore private company called Aria DMCC as an unsecured loan without Techeryx Ltd.'s knowledge. The Cayman fund has refused Techeryx Ltd.'s redemption or repayment of funds.