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Justin Sun Calls for Reform of Hong Kong’s Trust Laws After TUSD Misappropriation Allegations

HONG KONG—It was a battle of stablecoin issuers Thursday afternoon in Hong Kong, with Justin Sun, the founder of the Tron blockchain, and First Digital Trust (FDT), a Hong Kong-based fiduciary, holding press conferences over allegations of fund misappropriation involving Techteryx’s TrueUSD reserves.
Sun doubled down on claims that TrueUSD’s reserves were «misappropriated by a few bad actors,» leading to him needing to quietly bail out the stablecoin.
Sun pointed a finger at the Hong Kong regulatory framework surrounding trusts, arguing at the press conference that loopholes and loose rules allowed the alleged misappropriation to occur.
«This situation highlights a serious challenge to the integrity of the financial system that must be addressed,» he said. «I found it hard to believe the scale of fraud orchestrated by a long list of licensed intermediaries.»
Sun even said that for the time being, Hong Kong trust companies should be avoided entirely, and urged regulators to take decisive action to safeguard the city’s global financial reputation.
For that case, Sun might have an ally in the shape of Hong Kong lawmaker Johnny Ng — called the city’s Web3 politician. He released a statement saying that he’s aware of multiple reports this year of alleged fraud exploiting trust companies, and acknowledged that local regulation needs to be improved.
First Digital Trust denies all allegations
After Sun’s press conference, First Digital Trust held its own event on X, with CEO Vincent Chok saying Sun had yet to produce «one solid piece of evidence» to back up his claims.
FDT followed its fiduciary duties, acted in clients’ best interests, complied with instructions from Sun and his nominees, which were signed off by Techteryx directors, and noted that the company is subject to third-party audits, Chok said.
Chok, however, acknowledged he was previously unaware of the familial connection between Aria CFF and Aria DMCC — the funds where TUSD’s reserves are held up.
In a complaint to the Department of Justice, Techteryx noted that Aria CFF, the fund it said is authorized to hold TrueUSD’s reserves is managed by Matthew Brittain. Aria DMCC, which Techteryx said is unauthorized, is controlled by his spouse, Cecilia Brittain.
Chok said FDT is working to recover funds, but know-your-customer (KYC) and anti-money laundering (AML) issues involving the ultimate beneficial owner of Techteryx are apparently holding things up.
He also rejected Sun’s claims in a post on X that First Digital Trust is unable to fulfill redemption obligations of its FDUSD stablecoin. The token is still very much solvent, Chok said.
FDT said it plans to pursue legal action over Sun’s claims.
Earlier, the company posted examples of on-chain data showing redemptions going through.
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Not a Meme! DePIN Can Take Crypto Mainstream

For years, the crypto market has thrived on speculation, where excitement, hype and fleeting trends attract value instead of fundamentals. Investors have continually poured money into tokens fueled by viral moments, chasing rapid gains. Time and again, a select few of these investments soar to incredible heights, only to come crashing down. With over 33 million tokens in circulation, the competition to attract attention gets harder and harder and investor attention is ever more fleeting. But DePIN can change this. With compelling businesses attracting real customers and revenue built on well designed token economics, DePIN can set a new standard of fundamentals in crypto.
As our DePIN Token Economics Report outlines, Decentralized Physical Infrastructure Networks (DePIN) offer a number of compelling businesses with fundamental value. Unlike typical crypto projects driven by speculation, DePIN offers a different approach. It uses blockchain technology to support real-world infrastructure, creating tangible value and generating real revenue. Instead of relying on hype, it builds a financial system based on actual demand, making it a more sustainable and practical model.
Rather than resembling major crypto networks like Bitcoin or Ethereum, DePIN operates more like capital-light marketplaces such as Uber and Airbnb, but with key distinctions. While both models connect providers with customers without funding infrastructure, DePIN providers are compensated in tokens that can appreciate in value, akin to Uber drivers or Airbnb hosts receiving equity. Additionally, most DePINs sell to businesses which eliminates the need for massive marketing expenses required in building a consumer brand.
DePIN offers a compelling business model and, unlike memes that come and go, it is the beginning of crypto’s transformation into a mature, revenue-generating industry.
From Hype to Revenue-Driven Models
At its core, DePIN represents a paradigm shift. Traditionally, blockchain-based businesses have relied on hype to attract buyers. In the absence of traditional fundamentals, the industry cycled through endless metrics such as TPS, TVL, Telegram channel size, followers on X and many others. Many projects have attempted to build decentralized ecosystems. But, without real customers paying for services, they have largely functioned as economies fueled by speculation rather than external demand.
DePIN changes this by integrating blockchain technology with physical and digital infrastructure, creating compelling services that generate revenue. Whether it is decentralized cloud computing, wireless networks, mapping or storage solutions, DePIN projects offer services like traditional businesses and with customers who pay for usage. When combined with the correct token economics, it creates a sustainable financial model.
As DePIN generates growing revenue, it is likely to draw institutional investors who have long been skeptical of crypto’s reliance on hype and speculation. The projects that successfully correlate the token demand to actual business growth will not only survive the current market but also set the standard for the next generation of blockchain companies
The report also highlights one of the most compelling aspects of DePIN, the use of buy-and-burn, which removes the need to have an expanding pool of new buyers. Instead, these projects use a portion of their revenue to repurchase and burn tokens, permanently reducing supply and potentially driving long-term price appreciation similar to stock buybacks.
This approach is in stark contrast to most of crypto which relies on new buyers to sustain and grow their value.The buy-and-burn model ensures that as DePIN businesses grow and generate more revenue, their token ecosystems become more resilient to market fluctuations. Some DePIN tokens are already demonstrating this by decoupling from broader crypto market trends, proving that real-world adoption can lead to price stability and long-term investor confidence.
Aligning Incentives for Sustainable Growth
While DePIN offers significant potential, it also comes with challenges. One major concern is transparency, as most projects lack traditional financial reports, audits, or clear revenue statements. However, blockchain itself provides a solution — on-chain verification through buy-and-burn mechanisms allows for real-time financial tracking, giving investors a clearer picture of a project’s health.
Another challenge is customer adoption. Many businesses and consumers remain concerned due to crypto’s volatility. To address this, DePIN projects are introducing fiat payment options and stablecoin rewards, making it easier for everyday users to interact with these decentralized services without needing prior crypto or Web3 experience.
For DePIN to succeed, its incentive structures must be designed to keep all stakeholders — providers, users, and investors aligned. One way to achieve alignment is through staking mechanisms, especially in cloud-based networks where service providers lock up tokens as collateral to guarantee reliability. Projects like Filecoin and Fluence already use this approach, ensuring accountability while strengthening network security. Others, such as Render and Livepeer, take a different route by distributing a share of network revenue to token stakers, creating a system similar to dividends that rewards long-term commitment.
Governance will also be critical as DePIN projects decentralize. To prevent large token holders from short-term profiteering for quick gains, new governance models like quadratic voting and weighted staking are emerging. These frameworks help keep decision-making balanced, ensuring that projects remain sustainable and fair as they evolve.
DePIN isn’t just another blockchain investment vehicle, it is laying the foundation for real, decentralized infrastructure. While meme coins have shown that crypto can generate hype, they rarely create lasting value. In contrast, DePIN is developing businesses that can compete with centralized companies by focusing on real-world utility.
With token models backed by revenue, deflationary supply mechanics, and increasing interest from institutional investors, DePIN is redefining how blockchain networks should function. The projects that successfully address capital efficiency, align incentives, and navigate regulatory challenges will be the ones that lead this next phase of decentralized technology.
As DePIN matures, its token models will continue to evolve. Optimizing capital efficiency through transparent buy-and-burn rates will ensure liquidity while maintaining long-term value. Governance structures will adapt to prevent short-term actors from derailing network growth. By 2026, DePIN will be recognized as the benchmark for sustainable blockchain economies, proving that crypto can function as more than a speculative asset class.
The crypto industry stands at a crossroads. Investors, developers, and institutions must choose between supporting unsustainable token models or supporting projects that create real value. For the space to mature, it needs to move beyond pure speculation, and DePIN is at the forefront of that transformation.
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TON’s Dramatic Volatility Signals Market Uncertainty

Market Recovery Amid Institutional Confidence
The cryptocurrency market remains in turbulent territory as Toncoin (TON) demonstrates both significant volatility and remarkable resilience.
After forming a head-and-shoulders pattern with strong resistance at $4.15, TON has recovered from its recent lows. It is now trading at $4.13 with a 12.5% weekly gain.
This recovery comes amid news that leading venture capital firms, including Sequoia, Ribbit Capital, and Benchmark, collectively hold over $400 million in TON, signaling institutional confidence in the blockchain’s future.
TON Technical Analysis Highlights
Price action formed a head-and-shoulders pattern with resistance at $4.15 and support at $3.60.
The support level at $3.60 was breached during the April 3rd selloff.
Volume analysis shows distribution phases coinciding with price peaks, suggesting institutional profit-taking.
Fibonacci retracement indicates potential stabilization around the 0.618 level at $3.58.
Cup-and-handle formation appeared during recovery with initial resistance at $3.58.
Strong buying pressure was observed during the 15:32-15:34 and 15:58 periods.
Price reclaimed the Fibonacci 0.382 level at $3.59, suggesting potential continuation toward $3.65.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
TheNewsCrypto, “Toncoin (TON) Eyes $4 as Bullish Momentum Builds,” accessed April 3, 2025
CryptoNews, “Is This the Next Solana? Toncoin’s $400 Million VC Investment Surge Signals Explosive Upside,” accessed April 3, 2025
CryptoDaily, “AI Predicts 12,500% Gains for Remittix (RTX), 232% for Chainlink (LINK) — But to Sell Toncoin (TON), Shiba Inu (SHIB) Fast,” accessed April 3, 2025
TheNewsCrypto, “Toncoin (TON) Price Prediction,” accessed April 3, 2025
Bitcoin Sistemi, “Top Crypto Platforms: Binance Coin, BlockDAG, Tron, Toncoin Poised for Major Growth in 2025,” accessed April 3, 2025
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Crypto-Friendly Prime Broker Hidden Road in Active Takeover Talks: Sources

Hidden Road, a prime broker that focuses on both crypto and traditional assets, has received an inbound takeover approach, according to two people with knowledge of the matter.
Takeover talks are ongoing with a crypto native company that wants to acquire Hidden Road, the people said, but there is no certainty that any deal will be done.
Hidden Road declined to comment.
The company has raised about $50 million in the last 12 months, from investors including crypto venture capital firm Dragonfly Capital, one of the people said.
One of the investors, a crypto native firm, has since made an approach to buy Hidden Road, the person added.
Dragonfly Capital didn’t respond to a request for comment by publication time.
Prime brokers are an essential part of the plumbing of financial markets. They provide trading, financing and custody services to large institutions.
Hidden Road raised $50 million in a Series A funding round in July 2022. The round was led by Castle Island Ventures, with participation from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, Coinbase Ventures and Corner Capital.
The company was said to be weighing options including a potential sale or capital raise that could value the firm at more than $1 billion, according to a Bloomberg report last month.
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