Tron founder Justin Solar has claimed that his Hong Kong-based First Digital Belief (FDT) has gone bankrupt, with its whole liabilities exceeding its whole belongings, 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 publish, stating that FDT has been bancrupt for 3 consecutive years and its internet asset worth will likely be unfavourable HK$100 million by the top of 2024.
He additionally alleged that the agency embezzled a considerable amount of consumer funds, inflicting vital monetary losses.
Solar criticised Hong Kong’s regulatory and enforcement businesses, questioning how FDT was nonetheless in a position to function regardless of its monetary scenario.
He warned that banking establishments should meet strict capital adequacy necessities beneath worldwide banking laws 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 scenario might proceed beneath their watch.
As of now, FDT has not publicly responded to Solar’s allegations, and Hong Kong regulators have but to concern an announcement both.
*This isn’t funding recommendation.
