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First Digital to ‘Pursue Legal Action’ Over Justin Sun Allegations as FDUSD Drops

FDUSD, the stablecoin issued by Hong Kong-based First Digital, has wobbled from its $1 price peg as investor concerns mounted over its reserves, though the company said Wednesday that it was «completely solvent.»
FDUSD has dropped to 0.87 against Tether’s USDT stablecoin and 0.76 against Circle’s USDC on Binance, the main exchange where FDUSD is listed. Notably, bitcoin (BTC) also nearly hit 100,000 against FDUSD. The token has stabilized around $0.98-$0.96 later, still trading below its supposed price anchor.
The sudden price action happened as CoinDesk earlier Wednesday reported that some of the TrueUSD stablecoin’s reserve assets were stuck in illiquid investments, according to filings. Tron founder Justin Sun bailed out the issuer company. First Digital Trust, a trust company affiliated to First Digital, was appointed to manage TUSD reserves.
«First Digital Trust (FDT) is effectively insolvent and unable to fulfill client fund redemptions. I strongly recommend that users take immediate action to secure their assets,» Tron founder Justin Sun claimed in a Wednesday X post.
First Digital refuted the allegations in an X post, saying that «First Digital is completely solvent» and «every dollar backing FDUSD is completely, secure, safe and accounted for with US backed T-Bills.»
«This is a typical Justin Sun smear campaign to try to attack a competitor to his business. As we told the reporter at CoinDesk, we have not yet had the opportunity to defend ourselves and instead of letting the TUSD matter be dealt with in court, Justin has instead resorted to a coordinated social media effort to try to damage FDUSD as a business competitor,» the company said. «FDT will pursue legal action to protect its rights and reputation.»
FDUSD’s latest monthly reserve report showed that the $2 billion of reserve assets were held mostly in U.S. Treasury bills and a lesser part in repo facilities and fixed deposits.
UPDATE (Apr. 2, 17:15): Updated FDUSD price action.
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Filecoin’s Clara Tsao: Building an Open and Trusted Internet

Did AI write the sentence that you’re reading right now? Did AI create the photograph you just saw online? Was the shocking, controversial story that tipped an election actually real, or AI-fueled misinformation?
These are questions Clara Tsao has wrestled with for years, ranging from protecting national security (where she was the CTO of a team focused on countering homegrown extremism) to creating a better internet, where she’s co-founder of the Trust & Safety Professional Association. (She also somehow finds time to be the President of the White House Presidential Innovation Fellows and serve as Senior Advisor at Tech Against Terrorism.)
“For me, it’s always been about, how do we bring more democracy to the web, because it’s an open network that everyone should have the fundamental human right to access,” says Tsao, a Founding Officer at the Filecoin Foundation, and who will appear onstage at the AI Summit at Consensus 2025.
Tsao knows that AI, in a sense, is making all of these jobs harder. So Filecoin is focused on using blockchain to ensure digital authenticity and sniff out fakes. “AI is going to turbocharge everything that we see today, for good and for bad,” says Tsao. “And at the end of the day, I think everybody wants to know if they’re talking to an AI or to a human.”
Interview has been condensed and lightly edited for clarity.
How has AI complicated the mission for an open and trusted internet?
Clara Tsao: So one of the biggest risks with AI is, how can we tell if something is AI or bot-generated, versus something that we know might be a human in the loop. And when I was working on topics like countering foreign influence operations, how do you prove that a bad actor actually came from a country that we know might be trying to intervene with us?
Can you give an example?
There was a period, I think in 2016, when Facebook actually took down a bunch of media channels that came from Russia, because it was linked to the Internet Research Agency, which is a group that was definitely trying to push propaganda during the election. So it’s about being able to prove the source of information, and making sure that people are not falling victim to misinformation.
And fakes are getting easier and easier to create, thanks to AI…
Right. And with AI-generated images and AI-generated news, it could be easy for the very bad actors to use that technology for evil.
Can you connect the dots of how blockchain helps crack this problem?
One thing that’s great about decentralized technologies — and decentralized storage specifically — is you can actually prove how data is changed over the course of time, because we store every piece of data by hash, not by location.
So let’s say we have a data set, and we’re worried that maybe the data is being manipulated. Maybe a government is coming in and changing something so that it can fit their political agenda. There are many reasons why preserving information is more important than ever, and that’s something that we can absolutely do with Filecoin.
Who are you working with specifically?
We’ve worked with tons of amazing nonprofits over the years, like MuckRock, to make sure we can not only archive and preserve critical information, but also make sure it’s tamper-proof, make sure it’s resilient. For example, if it’s information that journalists pull from, that we can have resilient copies of it all around the world. We can also use that same technology to really prove that this journalist took a certain photo.
In certain elections, there might be disinformation about whether something actually happened or not, and you can have photographers use decentralized technologies. And we have a ton of applications of companies building on top of Filecoin today, that help verify this image was taken from this device at this point of time.
That’s really powerful in terms of not just day-to-day journalism, but also in being able to be admissible in courts. In Ukraine, there might be war photos that might be taken out of context. And we’re able to preserve a number of key photographs that can one day be admissible in international criminal courts for human rights situations.
How are you now thinking about Filecoin’s mission?
We can help verify if you’re talking to AI or a human. We can help store data at a fraction of the cost. We can make sure that data is more accurate, because most AI data-sets are built off training tons of data. And storing data is very expensive. So our goal is to make storing data affordable for everyone, and making sure that people are also pulling from as much data as possible, so AI agents aren’t only trained from a subset.
And finally, we can have a place where it’s not just monopolies being able to access tons of data. People can have a choice on where to store it, how to store it. So they’re not locked into a walled garden where they can never get out.
Love it. Thanks Clara. See you in Toronto at Consensus!
Jeff Wilser will host the AI Summit at Consensus 2025, and is host of The People’s AI: The Decentralized AI Podcast.
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Prediction Markets Traders Bet Big on Easy Liberal Win as Canadians Head to the Polls

Political bettors on Polymarket and other platforms are paying attention to Canada as the nation heads to the polls.
As the country’s 45th election comes to a close, a contract asking bettors to predict who will be Canada’s next Prime Minister gives the Liberal Party’s Mark Carney a 78% chance, and the Conservatives’ Pierre Poilievre a 22% shot.
Political bettors are slightly more skeptical of Carney’s chances of winning than the polls, but both are pointing in the same direction. A poll aggregator from public broadcaster CBC puts Carney’s chances at 89%.
Myriad Markets, another prediction market, is giving Carney similar odds to Polymarket.
FanDuel, a licensed betting platform open only to residents of Ontario, Canada, initially gave the Conservatives a sharp, contrarian lead of 70%, according to a report from the National Post. Still, odds have fallen in line with prediction markets, and it now gives the Liberals a roughly 80% chance of winning.
Unlike the U.S. election, there isn’t a crypto angle up north with leaders’ campaigns focused on the trade war and inflation.
Too Big to Rig?
A growing narrative in certain corners of the internet is that Polymarket is prone to manipulation and its numbers aren’t reliable, criticisms that echo what was said in the last weeks of the U.S. election when the site gave Donald Trump a commanding lead as polls showed a tight race.
Critics say Poilievre’s chances are being suppressed and do not reflect the political sentiment of the populace.
However, manipulating prediction markets would be expensive, and there’s no credible evidence that this is happening even as Polymarket is banned in Canada’s largest province after a settlement with its securities regulator.
Data portal Polymarket Analytics shows that the Canadian election contract leads the platform in open interest, which is the total value of active, unsettled bets and a good measure of market engagement.
Market data also shows that position holding is quite distributed, with the largest holder of the Poilivere—No side of the contracting holding 6% of all shares and the largest holder of the Carney—Yes side holding 5%.
One bettor, who is betting big on Carney with a six-figure position, who spoke to CoinDesk, said their motives are non-partisan, and said that the quality of Canadian polling makes him confident that the Liberals will win.
«Poilievre needs a 7-point polling error to win and I think the probability of that is closer to 7% than his current market price of 23c,» trader Tenadome told CoinDesk via an X DM. «The pool of Poilievre bettors seems to largely be very dumb money that believes in things like China is rigging the polls.»
Currently, the trader with the largest winnings on the contract is «ball-sack» with a profit of $124,890, thanks to bets on Carney. On the other side of the trade is «biden4prez,» who lost just over $98,000 – the most out of any trader – betting on Poilievre and against Carney.
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CoinDesk 20 Performance Update: Ripple (XRP) Gains 5.8%, Leading Index Higher

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2800.9, up 1.3% (+34.92) since 4 p.m. ET on Friday.
Nine of 20 assets are trading higher.
Leaders: XRP (+5.8%) and SUI (+5.2%).
Laggards: BCH (-6.2%) and UNI (-4.8%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
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