In the early morning of April 3rd, Justin Sun posted a message accusing the stablecoin FDUSD issuer First Digital Trust (FDT) of being insolvent and unable to fulfill customer fund redemption obligations. As a result, FDUSD temporarily severely de-pegged. Binance has frequently launched Launchpool activities in the past two months, and many users should be familiar with FDUSD, FDUSD is also one of Binance Launchpool's very important stablecoins (possibly along with USDC), which means many people hold a certain amount of FDUSD. Therefore, this FDUSD de-pegging has caused certain impacts on users who often participate in Binance's token launches - many users suffered losses due to market panic selling. Odaily will sort out the event details as follows:

Justin Sun Accuses FDUSD Issuer First Digital Trust (FDT) of Insolvency Late at Night

[The rest of the translation follows the same professional and accurate approach, maintaining the original meaning while translating to English.]

After Space, Odaily entered its official website to check the proof of reserves, with the FDT's proof of reserves published in March showing that as of February 28, 2025, 21:00 ET (March 1, 2025, 9:00 HKT): FDUSD total circulation: 2,041,924,819.94, with total reserve assets of $2,051,348,188.70, comprising: 1. U.S. Treasury Bills total position: $1,733,452,142.60 (approximately 84.5%) 2. Overnight Reverse Repo Agreements position: $33,000,000.00 (approximately 1.6%) 3. Fixed Deposits position: $145,880,000.00 (approximately 7.1%) 4. Cash in U.S. Dollars account balance: $139,016,046.10 (approximately 6.8%) This means that if the proof of reserves is completely accurate, FDUSD supports 1:1 redemption. Lastly, Justin Sun again released a statement emphasizing that FDT has gone bankrupt, and everything will be determined by judicial and regulatory authorities. As of the time of writing, Justin Sun's statement has not added more important evidence, and the court proceedings for Techteryx are still ongoing. The FDUSD FUD has essentially settled, with FDUSD gradually returning to around $0.98. Because of the previous UST incident, many users are very cautious about stablecoin depegging, often fleeing at the first sign of FUD, even selling at the lowest point before the rebound. For retail investors, it seems like April Fools' Day: FDUSD returned to around $0.98, Justin Sun continues to emphasize FDT's bankruptcy, the FDT lawsuit remains, Binance still supports FDUSD, and you've lost 10% of your money. As mentioned earlier, many community users question why Binance only publicly clarified the FDUSD issue on social media after it dropped below $0.9, suggesting they wanted retail investors to sell at the bottom while large exchange traders buy the dips. Regarding this, Binance co-founder He Yi previously stated that FDUSD's official announcement requires a process, including verification and time. Binance's Sisi only spoke about FDUSD's 1:1 convertibility after seeing some people panic selling. According to Odaily, less than 10 hours remain before Justin Sun's Hong Kong press conference on April 3 at 13:30, and they will continue to track and report on the related news and developments.