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#fdusd

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⚯ Michel de Cryptadamus ⚯

#FDUSD, the stablecoin that drives most bitcoin and ethereum trading on the world’s largest crypto exchange (#Binance), appears to imploding in the aftermath of the revelations of various Hong Kong court filings about how First Digital (the company behind FDUSD) is insolvent.

Trump’s business advisor/partner/whatever Justin Sun, who is of course connected to this disaster, just promised the world a press conference on a “Major Industry Event”.

🍿

Chart showing FDUSD, which is supposed to stay at $1.00, was trading as low as 90 cents a few hours ago.
justinsuntron Bad actors have been threatening Web3 users, public trust, and Hong Kong’s reputation as a global financial center. In a few hours, I’ll be live on X speaking on First Digital Trust.
#FirstDigital#JustinSun#trump
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⚯ Michel de Cryptadamus ⚯

#TrueUSD, one of the many stablecoins connected to Chinese crypto scammer & Donald Trump business partner #JustinSun, received a half billion dollar bailout from... Justin Sun when it couldn't get its capital out of First Digital, another chinese #moneylaundering company that runs a stablecoin #FDUSD that is used for most trading on #Binance.

> "In September 2024, #TrueCoin and #TrustToken (the #stablecoin's owners before #Techteryx) settled with the #SEC over allegations they falsely marketed TrueUSD as fully dollar-backed while secretly investing reserves in risky offshore funds."

protos.com/justin-sun-bailed-o

#corruption#uspol#asia
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⚯ Michel de Cryptadamus ⚯

@Sibshops binance offers pretty much every trading pair. historically tether is actually often not even the most popular stablecoin on binance, because binance chooses to make certain pairs "no fee" (and since 2022 it's rarely Tether).

during "crypto winter" it was TUSD (#JustinSun) and then they switched it to #FDUSD (First Digital USD, run by literal ponzi scammers in Asia).

all that said, Binance is definitely part of the Tether cartel.

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⚯ Michel de Cryptadamus ⚯

American #SEC has filed suit against #TrueUSD / #TrustToken arguing that its reserves consisted of 99% illiquid offshore assets and it became unbacked by actual dollars ca. 2022.

While most people outside of #crypto have never heard of TrueUSD's token #TUSD (a competitor to #Tether's #USDT; see my pinned toot) it's worth understanding that TUSD was for most of a year the single most important #stablecoin and the one that was responsible for the *vast* majority of #bitcoin trades on by far the largest crypto marketplace, #Binance. The company is also rumored to be owned by the sketchiest guy in crypto, #JustinSun.

Put another way: the price of #Bitcoin was measured in TUSD, not real USD for most of last year. (Now it's measured mostly in an even sketchier stablecoin #FDUSD.)

link: sec.gov/files/litigation/compl

SEC vs. TRUECOIN LLC and TRUSTTOKEN, INC
#Uspol#uspolitics#finance
Public
TheTransmitted

Стейблкоїн FDUSD залишається одним з найпопулярніших активів на криптовалютній біржі Binance, попри закінчення акції «нульова комісія» в кінці квітня.

#Crypto #Binance #FDUSD #стейблкоїни

thetransmitted.com/crypto/fdus

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