Tron founder Justin Solar has claimed that his Hong Kong-based First Digital Belief (FDT) has gone bankrupt, with its complete liabilities exceeding its complete property, successfully placing it in a state of economic insolvency.
Justin Solar Claims First Digital Belief Is Bankrupt, Questions Hong Kong Regulators
Solar made the allegations in a social media submit, stating that FDT has been bancrupt for 3 consecutive years and its web asset worth can be unfavourable HK$100 million by the top of 2024.
He additionally alleged that the agency embezzled a considerable amount of consumer funds, inflicting important monetary losses.
Solar criticised Hong Kong’s regulatory and enforcement businesses, questioning how FDT was nonetheless capable of function regardless of its monetary state of affairs.
He warned that banking establishments should meet strict capital adequacy necessities underneath worldwide banking rules or threat license revocation.
Regardless of its alleged monetary issues, FDT is reportedly nonetheless publicly elevating billions in new capital, which Solar described as “making a mockery of Hong Kong’s authorized system.”
Solar referred to as on authorities to look into the matter and clarify how such a state of affairs may proceed underneath their watch.
As of now, FDT has not publicly responded to Solar’s allegations, and Hong Kong regulators have but to challenge a press release both.
*This isn’t funding recommendation.
