Why is the $450 million that Sun Ge spent on filling the hole so important? Hong Kong trust company FDT embezzled $450 million from Sun Ge, and the incident has finally made significant progress. Simply put, after embezzling 450 million US dollars, Sun Ge paid for this big hole out of his own pocket, otherwise the Defi mortgage involved in TUSD may cause a huge industry shock. ———— In September 2024, the US Securities and Exchange Commission (SEC) issued a public statement accusing TrueCoin of engaging in fraudulent activities. These fraudulent activities continued until Techeryx acquired TUSD and entrusted TrueCoin to continue operating TUSD. The SEC believes that TrueCoin is profiting for itself by making false statements about investment security, while also exposing investors to significant, undisclosed risks. ———— Why is the act of repairing holes important? Curve Finance has considered removing TUSD as collateral. When funds are misappropriated, it may cause the underlying anchor assets to detach from the actual assets, leading to a decline in the TUSD currency and the risk of a run on TUSD. If the hole is not filled, the risk of a run on the bank will sharply increase. Sun Ge paid out of his own pocket, saving TUSD holders Jin and Defi stakers from a run on the bank crisis. ———— How is the progress now? The Dubai International Financial Centre Court finally ruled on October 17th to indefinitely extend the property injunction and global freeze order against Aria DMCC. The truth includes: 1. FDT has committed six acts of violating trust business, conspiring to make false statements and forging investment documents 2. The illegal transfer of $456 million into Aria DMCC's private account, instead of a regulated Cayman fund, was to accelerate the collusive illegal repurchase, totaling $15 million 3. Falsified and packaged ACFF related loans through some illegal accounting methods, but actually embezzled and misappropriated funds 4. FDT and ACF personnel conspired to commit this fraud ———— I still remember when TUSD had an incident, there was a lot of insults directed at Sun Ge. The person who truly paid 500 million US dollars to carry the burden forward was Sun Ge. @justinsuntron The industry needs regulation, and this global ban has greatly promoted the development of the industry.