You Won’t Believe What Justin Sun Just Accused First Digital Trust of Doing in Dubai! 🚨

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If you’ve ever wondered what would happen if Hitchhiker’s Guide’s Vogons ran a fintech company, look no further: Justin Sun—the sort of chap who likes to start sentences with “accusations” and end them with “$500 million”—is at it again. His latest plot twist claims First Digital Trust (FDT) shuffled half a billion dollars in user funds off to banks in Dubai. Because, after all, where else would you stash a very large towel of money?

On May 3, armed with nothing but a wireless connection and a very dramatic sense of timing, Sun unleashed a post on the artist-formerly-known-as-Twitter. Allegedly, the money was scattered, like loose change down Jupiter’s sofa, into the vaults of Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank (ADIB), and EFG. The unifying theme here? Dubai. Also, serious-sounding acronyms.

Justin Sun: Now Taking Applications for Aspiring Sleuths in Dubai

Sun, having apparently binge-watched several seasons of Crime Scene Investigation: Crypto Edition, rattled off a cast list of suspects fit for a particularly convoluted Agatha Christie plot: Christian Alexander Boehnke (possibly not a time lord), De Lorraine Elbouef (sounds expensive), FDT CEO Vincent Chok (the obligatory CEO cameo), Yai Sukonthabhund (bonus points for pronunciation), Matthew William Brittain and Cecilia Teresa Brittain (possibly not related to the Queen).

All these individuals, according to Sun, wielded the kind of executive power that allows you to attend extremely boring board meetings—and, theoretically, reallocate vast sums of money while looking terribly serious about it. 🧐

This all arrives, quite inconveniently, as Dubai tries to become the Netflix Original Series of the crypto universe: glamorous, modern, and full of deeply confusing plot twists. The city’s powers-that-be, perhaps weary of yet another season of “Bankers Behaving Badly,” have rolled out their red carpet for crypto innovation, attracting everyone except, apparently, effective fraud prevention measures.

Amid this chaos, Sun demanded urgent action, immediate audits, public confessions, and, presumably, a really good cup of Earl Grey. If you’ve got a suspiciously large duffel bag of assets rolling through a Dubai bank right now, things are about to get… slightly inconvenient. 🕵️‍♂️

Other helpful suggestions from Sun included: freezing flows, internal reviews, and, for institutions feeling particularly enthusiastic, the release of mildly scandalous press releases.

“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.

(One can only assume he wrote this while wearing a cape and standing on a rooftop during a thunderstorm, because drama.)

The row between Sun and the Hong Kong-based custodian has now become the stuff of legend, or at least a made-for-TV miniseries. Last month, Sun compared FDT’s alleged escapades to the FTX flop, arguing FDT managed to skip the need for complicated things like collateral or user signatures. How did he know? Probably psychic. Or just on Twitter a lot.

Feeling generous, Sun has dangled a $50 million bounty for brave souls who uncover fresh details—because who doesn’t love a treasure hunt? He’s even gone so far as to launch a shiny new website dedicated entirely to the scandal. No word on whether it includes an intergalactic hitchhiking guide.

FDT, meanwhile, has taken the classic “No, you!” approach, denying everything and firing back with a defamation lawsuit. Hong Kong regulators are now peering over their clipboards, trying to determine who exactly left the door to the blockchain vault unlocked.

And as this cosmic squabble rages on, the market capitalization of FDT’s FDUSD stablecoin has plunged dramatically, falling from $2.5 billion to a rather less majestic $1.4 billion. One can only imagine the FDT team reciting the classic line: “Don’t Panic.”

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2025-05-04 13:28