Justin Sun Accuses First Digital Trust of Misusing $500 Million via Dubai Banks

Tron founder Justin Sun has renewed his accusations against First Digital Trust (FDT), claiming the firm moved $500 million in customer funds to banks in Dubai.

In a May 3 post on X, Sun claimed the money was spread across multiple institutions, including Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank (ADIB), and EFG.

Tron Founder Urges Dubai to Investigate FDT

Sun also named several individuals he believes were involved in authorizing or facilitating the transfers. These include Christian Alexander Boehnke, De Lorraine Elbouef, FDT CEO Vincent Chok, Yai Sukonthabhund, Matthew William Brittain, and Cecilia Teresa Brittain.

According to him, these individuals held executive roles at FDT and related entities, which allegedly gave them the authority and access needed to misappropriate customer assets.

Alleged Flow of First Digital Trust’s Misappropriated Fund. Source: Justin Sun

Sun’s accusations come as Dubai is positioning itself as a global center for crypto innovation. Over the past years, the authorities have introduced several pro-crypto initiatives that have drawn international attention and investment.

Against this backdrop, Sun urged local banks, regulators, and government bodies to take immediate steps to investigate the transfers and freeze any suspicious inflows.

He also pushed for internal audits, public disclosures of any anomalies, and active cooperation from the institutions involved.

“I once again urge the Dubai government, regulators, and banks to act swiftly and decisively. Dubai must not become a safe haven for fraud and money laundering. Banks must conduct internal reviews, freeze suspicious inflows immediately, and report them proactively. Do not become enablers of criminal activity,” Sun stated.

These accusations add to a growing dispute between Sun and the Hong Kong-based custodian.

Last month, he compared the alleged embezzlement at FDT to the FTX scandal, calling it “far worse” because it did not involve a loan collateral structure or user approval.

Sun has launched a $50 million bounty program to support investigations, uncover further details, and hold those responsible accountable. He has also launched a dedicated website to expose the alleged scam.

FDT has denied all accusations and filed a defamation lawsuit against Sun. Meanwhile, Hong Kong regulators have started reviewing local trust companies’ conduct in light of the allegations.

First Digital Trust’s FDUSD Stablecoin Market Cap. Source: BeInCrypto

Since the dispute began, the market capitalization of FDT’s FDUSD stablecoin has plunged. According to BeInCrypto data, the stablecoin’s market cap had dropped from over $2.5 billion to around $1.4 billion as of press time.