Justin Sun, founder of the Tron blockchain, has called for reforms in Hong Kong's trust laws following allegations that Techteryx's TrueUSD reserves were misappropriated. During a press conference, Sun criticized the existing laws for containing systemic loopholes that allowed for fraudulent activities by licensed intermediaries. He indicated that the scope of the alleged fraud was concerning, emphasizing that it posed a significant threat to the integrity of Hong Kong's financial system. In response, First Digital Trust denied the allegations, asserting compliance with fiduciary duties and audits. CEO Vincent Chok stated that no solid evidence has been presented to support Sun's claims and highlighted the company's commitment to recovering funds that may be affected by know-your-customer (KYC) and anti-money laundering (AML) complications. Lawmaker Johnny Ng acknowledged the need for improved regulations to address the recent fraud reports and bolster the city’s reputation as a global financial hub.

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