TRON founder Justin Sun is intensifying his accusations against First Digital Trust (FDT), the issuer of the FDUSD stablecoin, who he claims embezzled $500 million of its clients’ funds.

In an April 5 post on X, Sun compared FDT to the now-defunct FTX exchange, claiming the FDT case is “ten times worse.” FTX filed for bankruptcy in November 2022 after a bank run revealed an $8 billion shortfall in its assets.

Justin Sun Compares First Digital Trust to FTX

Sun argued that while FTX misused user funds, the exchange at least maintained an internal system that portrayed the activity as pledged loans.

He explained that FTX used assets like FTT, SRM, and MAPS tokens as collateral in transactions that, on the surface, had some structure. In contrast, Sun claims First Digital Trust outright stole funds without user consent or any internal pledge mechanism.

“FDT simply siphoned off $456m from TUSD’s custodial funds without client authorization or knowledge, and booked as loans to a dubious third party Dubai company without any collaterals,” Sun claimed.

The Tron founder further asserted that the now-convicted FTX founder Sam Bankman-Fried (SBF) indeed misused funds. However, Sun noted much of that capital went into investments in reputable firms such as Robinhood and AI company Anthropic.

On the other hand, Sun alleged that FDT diverted user assets into private entities for personal gain without any meaningful investment.

Sun also took aim at FDT CEO Vincent Chok Zhuo, criticizing his apparent indifference following the exposure of the alleged misconduct.

According to him, Chok has shown no intention of taking responsibility. This contrasts with SBF, who took steps to recover user assets and cooperated with authorities.

“Vincent Chok has acted deceptively and maliciously, pretending nothing happened when exposed,” Sun stated.

Considering this development, the TRON founder urged Hong Kong authorities to take swift action. He called for a response similar to that of US regulators during the FTX collapse.

Sun emphasized that Hong Kong’s reputation as a global financial hub is at risk and called for immediate enforcement to prevent further damage.

“Hong Kong must act like its US counterparts—swiftly, decisively, and effectively. We cannot allow the fraudsters continue its pyramid scheme against the public,” the crypto entrepreneur concluded.

To support investigations, Sun has launched a $50 million bounty program aimed at exposing the alleged misconduct. He also met with Hong Kong lawmaker Johnny Wu to discuss potential regulatory action.

Token unlocks play a pivotal role in the crypto market, impacting liquidity, price volatility, and investor sentiment. They are events in crypto where locked coins or tokens are released and become available for trading in the open market.

This week, three major projects—Axie Infinity (AXS), Jito Labs (JTO), and Xave (XAV)—will release previously locked tokens into circulation. Here’s what you need to know and watch for.

1. Axie Infinity (AXS)

• Unlock Date: April 12
• Number of Tokens to be Unlocked: 10.72 Million AXS (3.97% of Total Supply)
• Current Circulating Supply: 160.159 Million AXS
• Total supply: 270 Million AXS

Axie Infinity is a blockchain-based game featuring digital creatures called Axies, often compared to Pokémon. This pet-centric game combines elements of blockchain, NFTs, and ERC-20 tokens, offering players the chance to collect, battle, and trade unique creatures in a virtual world.

The April 12 unlock will consist of 10.72 million AXS tokens valued at about $29 million. Axie Infinity will award the majority of these tokens for staking rewards and for the team.



2. Jito Labs (JTO)

• Unlock Date: April 7
• Number of Tokens to be Unlocked: 11.31 Million JTO (1.13% of Total Supply)
• Current Circulating Supply: 313.37 Million JTO
• Total supply: 1 Billion JTO

Jito is a liquid staking service on Solana that distributes MEV rewards to holders. On April 7, Jito will unlock 11.3 million tokens which is currently worth around $20 million.

The project will allocate the majority of the unlocked tokens for ecosystem development, core contributors, and community growth. Additionally, it will allocate 10% of the tokens for airdrops.



3. Xave (XAV)

• Unlock Date: April 11
• Number of Tokens to be Unlocked: 313.29 Million XAV (3.13% of Total Supply)
• Total supply: 10 Billion XAV

Xave is a DeFi platform that focus on decentralized foreign exchange (FX) markets. It enhances stablecoin liquidity through an automated market maker (AMM) model.

On April 11, the network will unlock over 313 million XAV tokens, which constitutes just over 3% of the total supply. Xave will largely focus distribution to the team, investors, and treasury.



Other prominent token unlocks that investors can look out for this week include Delysium (AGI), Parcl (PRCL) and Circular Protocol (CIRX).

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Solana (SOL) has struggled to gain momentum over the past couple of weeks, and its price has failed to recover significantly. 

Despite this, the altcoin has seen signs of stabilization, with long-term holders (LTHs) showing increasing support. This shift could indicate a potential price rise, provided the current trend holds.

Solana Investors Move To Accumulate

The HODLer Net Position Change for Solana has been positive for the past four days, with consistent green bars indicating that LTHs are accumulating more SOL. This is the longest streak of accumulation in over six months, signaling confidence from long-term investors.

As these investors continue to add to their positions, Solana could build a solid foundation for a price rebound.

LTHs tend to significantly influence Solana’s price, as their holdings reflect longer-term confidence in the cryptocurrency. If this trend continues, the growing support from LTHs could provide the necessary backing to help Solana break through key resistance levels.

However, despite the support from LTHs, Solana’s overall market sentiment is still mixed.

New addresses, an important metric for investor interest, have recently hit a six-month low. This indicates that fewer new investors are entering the market, reflecting a lack of optimism for a recovery in the short term. The last time new address activity was this low was in October, suggesting that investor confidence is currently subdued.

The drop in new addresses could signal caution among potential buyers, affecting the altcoin’s overall momentum. While LTHs continue to accumulate, the lack of fresh interest from new investors could delay any significant upward movement for Solana.

SOL Price Vulnerable To Correction

Solana is currently trading at $119, holding just above the crucial support level of $118. While the altcoin is attempting to make its way to $135, mixed market sentiments suggest it may struggle to break through this resistance.

The price could consolidate between $118 and $135 as it builds enough momentum for a potential rally.

If Solana manages to bounce back, it may continue to trade within this range, allowing time for the market to stabilize and support further price appreciation. Consolidation could help SOL gather strength before another attempt to breach the $135 level.

However, if the price falls below $118, it could signal a shift in momentum, invalidating the bullish-neutral outlook. A drop below this support level would likely lead to further declines, potentially taking Solana down to $109, which would extend investors’ losses.