Techteryx does not belong to my own industry

Crypto Mogul JUSTIN SUN recently revealed that Techteryx LTD does not work in its manufacture, and that his participation in the project was to help stabilize the market.

Sun explained that with 5 million global users for Techteryx’s TrueUUSD (Tusd), if these users discover that their holdings cannot be recovered for money, it is possible that it will cause a major financial crisis.

Justin Sun Tuk on Techteryx’s TrueusD (tusd)

In an interview with Sing Tao Daily, Sun expressed his shock when learning first about this issue. He said that learning about the situation “broke his view of the world.” He was surprised how the financial institution can abuse the customer’s assets starkly, and transfer it to another place without permission. He said his immediate thought was, “This could not happen in Hong Kong, is that possible? This is an explicit theft of depositors!”

According to ReportsSun has struggled to understand how such large sums could be transferred abroad without the approval of depositors, while emphasizing the need for the government, banking institutions and organizational bodies to address this issue. He also emphasized that Hong Kong should not become a hot point for those who seek to abuse money and highlight the potential contributions that companies on the Internet can provide to the economy.

In a relevant case, Techteryx Ltd. Accusations against Kelvin Lo, CEO of First Digital Trust (FDT) in Hong Kong, and Director of the Singaporean Fund, Yay Sogonthbaond. The company claimed that, along with many other companies, they organized a fraudulent plan that is subject to more than $ 500 million (about $ 3.9 billion in the national) as deposits of Techteryx and the public.

Note that Techteryx was entrusted with FDT for $ 500 million in reserves, which was supposed to be protected and later invested in a box based in the Kayman Islands.

However, the fund has never issued investment stock certificates, and without knowing Techteryx, at least $ 456 million of reserves were transferred to an external private company, ARIA DMCC in Dubai, as an unprecedented loan. The Kayman Islands Fund has since refused to recover or pay money to Techteryx Ltd.

Also read: Justin Sun praises WBTC Move & Slams Coinbase

Written by Rito Lavania

Ritu Lavania is a multi -use Web3 content creator with more than three years experience in the encryption space. It is part of the team in Cryptonewsz, where you write insightful and attractive content. She also contributed to Thecryptotimes and Coin Edition, where her work was well received by the encryption community. Maher in research, creative writing, senior economic officials, and job cooperation, creating content specifically designed for a varied audience. Population of education, devotes time to teaching children and expressing themselves through poetry. It always yearns for learning, constantly exploring new trends in Blockchain origin and digital assets. It strongly believes in telling stories to make complex encryption themes easier and attractive to readers all over the world.