LATEST NEWS: After the plummet, the FDUSD team made an official announcement!

According to a last-minute development, the FDUSD team, which lost its peg to $1 and fell to $0.87 and partially recovered to $0.9887 at the time of writing, has issued an official statement.

Here is the official statement from the FDUSD team:

Justin Sun's recent claims regarding First Digital Trust are completely false.

This dispute is related to TUSD, not FDUSD. First Digital is completely financially sound.

Every dollar supporting FDUSD is fully backed, secure, safe, and accounted for with U.S.-backed bonds. The full ISIN numbers of all reserves of FDUSD are specified in our audit report and clearly accounted for.

This is a typical Justin Sun smear campaign attempting to attack someone who is a competitor to his business. As we told the CoinDesk reporter, we haven't had the chance to defend ourselves yet, and instead of allowing the TUSD issue to be addressed in court, Justin resorted to a coordinated social media effort to try to harm FDUSD as a commercial competitor.

FDT will resort to legal avenues to protect its rights and reputation.