Justin Sun Claims First Digital Trust Scandal is ‘Significantly Worse Than FTX’

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.

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CZ Makes Rare Hong Kong Appearance: “I Don’t Trade Crypto Much”

Former Binance CEO Changpeng Zhao made a rare public appearance in Hong Kong Sunday, revealing he rarely trades cryptocurrency despite founding the world’s largest exchanges.

The appearance was particularly noteworthy as Zhao recently denied reports he would attend another Hong Kong crypto event on April 8. His presence at both the BNB Super Meetup and the MVB 9th event generated significant attention in the crypto community.

CZ talking with Justin Sun at a BNB event in Hong Kong. Source:X(joezhoublack)

Market Concerns and Investment Advice

“The industry is not particularly healthy right now,” Zhao said during the BNB Super Meetup, criticizing excessive focus on meme coins. “We’re putting too much attention on quick gains.”

In a surprising admission, Zhao said, “I don’t speculate much. I don’t trade crypto much. I haven’t bought any meme coins.”

Zhao, worth approximately $66.6 billion, suggested several dozen to “over a hundred” cryptocurrencies could potentially outperform Bitcoin long-term, while emphasizing Bitcoin remains the most stable investment.

For newcomers, he recommended a disciplined approach “I strongly recommend young people invest a small amount each month that you can afford to lose,” he advised, endorsing dollar-cost averaging. “There’s no bad time to enter the market, but how you enter is very important.”

Past Mistakes

Zhao acknowledged mistakes in Binance’s approach to DeFi, admitting he failed to give proper attention to the BNB ecosystem while dealing with US legal issues.

“We didn’t focus enough on the BNB ecosystem. This was a big mistake.”

When asked about BNB’s future value, Zhao avoided specific predictions but emphasized that expanding use cases would naturally increase its value.

Personal Life

Zhao revealed numerous countries now seek his blockchain advice, including the UAE, United States, Hong Kong, Thailand, Malaysia, and Japan. “Now countries need us, and we can support them,” he said.

In a separate interview with Tron founder Justin Sun, Zhao discussed his digital education project aimed at providing free content to children worldwide. “With about $300 million, we could digitize 18 years of education across 30 subjects,” he explained.

Before the Super Meetup, Zhao appeared alongside Ethereum co-founder Vitalik Buterin at BNB Chain’s MVB 9th event, where 16 projects were selected for an acceleration program.

When asked about his daily routine, Zhao said he typically works from bed due to back problems and enjoys kitesurfing in his free time. “Most of my time is spent working from bed because my back isn’t great,” he shared.

He completed a four-month prison sentence in September 2024 after pleading guilty to U.S. federal charges related to money laundering. Binance paid $4.3 billion in fines, while Zhao personally paid $50 million.

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Avalanche (AVAX) Price Stuck Below $20 as Bearish Cues Prevent a Strong Rebound

Avalanche (AVAX) price has been unable to reclaim the $20.00 support level after falling through it in the recent correction. The altcoin is now trading well below that key mark despite a noticeable decline in selling pressure. 

However, bullish momentum has not been strong enough to counter prevailing bearish cues.

Avalanche Investors Are Not Selling

Analyzing the active address profitability reveals that less than 3% of current participants are in profit. This data highlights a crucial detail: most AVAX holders are unwilling to sell at a loss. Instead, they appear to be HODLing in anticipation of a recovery. This lack of selling is a bullish indicator.

The patience shown by investors during this downturn could help Avalanche establish a stronger base once broader market conditions stabilize. As fewer holders are actively selling, downward pressure on AVAX’s price is reduced. Given the right market catalysts, this opens a window for the altcoin to bounce back.

Avalanche Supply Distribution
Avalanche Addresses by Profitability. Source: IntoTheBlock

Despite low selling activity, the technical indicators continue to signal weakness. The Relative Strength Index (RSI) has dropped back into the bearish zone after a brief recovery attempt. This suggests a lack of buying pressure and continued uncertainty among investors.

Market support has been lacking for AVAX in recent sessions, preventing a meaningful rebound. The altcoin is facing consistent resistance and has failed to generate strong upward momentum.

The RSI trend reinforces that the macro environment is still leaning bearish, keeping Avalanche subdued.

Avalanche RSI
Avalanche RSI. Source: TradingView

AVAX Price Is Vulnerable

Avalanche is currently priced at $17.19, marking a 25% decline over the past two weeks. The sharp drop came after AVAX failed to break through the $22.87 resistance level. This rejection led to the current consolidation below $20.00, with bulls unable to reverse the trend.

Given the existing market cues, Avalanche may struggle to reclaim $18.27 as a support level. If the altcoin fails to secure this level, it risks dropping further to $16.25. This would deepen investor losses and delay any chances of recovery.

Avalanche Price Analysis.
Avalanche Price Analysis. Source: TradingView

On the upside, a key shift would occur if AVAX can flip $19.86 into support. This would suggest strengthening bullish sentiment and open the door for a rally toward $22.87. Reclaiming this level could allow Avalanche to recover some recent losses and restore investor confidence.

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Bitcoin Falls Below $80,000 as Weekend Liquidations Exceed $590 Million

Bitcoin fell below the $80,000 mark on Sunday as investor sentiment weakened across global markets. The move came alongside a spike in daily liquidations, which totaled $590 million. 

Heightened anxiety over former President Donald Trump’s proposed tariffs and escalating geopolitical tensions weighed heavily on risk assets.

More Traders are Shorting Bitcoin After the Worst Q1 In a Decade

The long-short ratio for Bitcoin dropped to 0.89, with short positions now accounting for nearly 53% of activity. The shift reflects growing skepticism about Bitcoin’s short-term direction.

Traditional markets also suffered sharp losses. The Nasdaq 100, S&P 500, and Dow Jones all entered correction territory last week, posting their worst weekly performance since 2020.

Bitcoin Long-Short Ratio on Sunday
Bitcoin Long-Short Ratio on Sunday, April 6. Source: Coinglass

Bitcoin closed the first quarter with a loss of 11.7%, making it the weakest Q1 since 2014. 

The broader crypto market lost 2.45% on Sunday, reducing total market capitalization to $2.59 trillion. Bitcoin remains the dominant asset, holding 62% of the market share. Ethereum follows with 8%.

Sunday’s selloff triggered $252.79 million in crypto derivatives liquidations. Long positions made up the bulk of that figure at $207 million. Ethereum traders accounted for about $72 million in long liquidations alone.

Bitcoin’s price remains closely tied to shifts in global liquidity, often reflecting broader macro trends. With U.S. markets set to open Monday, this weekend’s activity signals continued volatility ahead.

bitcoin price chart
Bitcoin Weekly Price Chart. Source: TradingView

Investors may face more pressure after Federal Reserve Chair Jerome Powell warned that Trump’s tariff plans could push inflation higher while slowing economic growth.

That combination raises the risk of stagflation, a situation where policy tools become less effective. Efforts to stimulate the economy can worsen inflation, while measures to control prices can limit growth.

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Crypto Market This Week: Bitcoin Holds $83K Despite Macro Heat, What’s Happening?

Crypto Market This Week: Bitcoin Holds $83K Despite Macro Heat, What's Happening?

The crypto market has closed yet another week, keeping traders and investors cautious with sluggish price performances. Bitcoin (BTC) price held the $83K level with no major gains in the past seven days. Whereas, Ethereum (ETH), Solana (SOL), and XRP prices mimicked a sluggish action.

Notably, the latest announcement by Donald Trump about reciprocal tariffs has rattled global markets, with even risk assets encountering some macro heat. Mentioned below are some of the top market updates reported by CoinGape Media over the past week.

Crypto Market Faces Macroeconomic Pressure

This week saw a couple of concerning macro developments that sparked a cautious sentiment among traders and investors. CoinGape reported that the manufacturing PMI and JOLTS data came in weaker than expected this week.

The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February. Also, the U.S. JOLTS job openings for February stood at 7.568 million, coming short of the expected 7.690 million and lower than the 7.762 million recorded in January. This macro data pointed toward a bearish outlook for the broader market.

In turn, even the crypto market saw a stalled movement, with Bitcoin & Ether prices negating any major gains over the past seven days. In addition, Donald Trump’s Liberation Day, which is the tagline for his proposed reciprocal tariffs on other countries, has added to the pressure on broader markets.

Bitcoin, Ether, & Other Coin Prices Over The Week

BTC price witnessed a marginal 0.5% jump in the past seven days and closed in at the $83K level. In the past 7 days, the flagship crypto stooped as low as $81K whilst also touching a $87K high.

ETH price saw a drop of nearly 2% weekly and exchanged hands at the $1,800 level. Ethereum hit a bottom of $1,700 whilst also nearing a high of $2,000 this week

SOL price fell by roughly 5% over the week to reach $120. The crypto’s weekly high and low was $135 and $112, respectively.

XRP price mimicked the broader crypto market trend, dipping over 2% in seven days to $2.13. Ripple’s coin is consolidating despite speculations of an imminent settlement of the lawsuit against the U.S. SEC.

The post Crypto Market This Week: Bitcoin Holds $83K Despite Macro Heat, What’s Happening? appeared first on CoinGape.

Is XRP Set To Rally? Traders Eyes on $2.60

XRP Price May Soar to $17 with Emerging Pattern

The post Is XRP Set To Rally? Traders Eyes on $2.60 appeared first on Coinpedia Fintech News

XRP, Ripple’s native token, is strongly holding its key support level at $1.95, even after a major price drop in recent days. The daily chart shows that XRP has retested this level more than eight times, and each time, it has bounced back with strong upward momentum.

XRP Price Action and Technical Analysis 

However, this time, the asset’s price has failed to show upside momentum due to the ongoing bearish market sentiment and is instead consolidating within a tight range, which is still better than breaking below this key level. Amid the current market uncertainty, several other assets have failed to hold their key levels and have experienced significant declines

XRP Price Prediction

According to expert technical analysis, XRP appears neutral, as the overall sentiment is bearish, making it unreasonable to label it as bullish. Currently, the asset’s price is near a key support level of $1.95 and has been consolidating within a tight range between $1.95 and $2.20 for over a week.

On the smaller timeframe, XRP has formed a bullish inverted head and shoulders pattern, and the price is on the verge of a breakout. Based on recent price momentum, if XRP breaks out of the pattern and closes a four-hour candle above the $2.22 level, there is a strong possibility it could soar by 16% to reach the $2.60 level in the coming days.

Source: Trading View

However, on the daily timeframe, XRP has already formed a bearish head and shoulders pattern, but its neckline is receiving support from the 200 Exponential Moving Average (EMA), which appears to be helping the asset stay above the key level.

Source: Trading View

Current Price Momentum

At press time, XRP is trading near $2.12 and has experienced a modest price decline of 0.50% in the past 24 hours. During the same period, its trading volume dropped by 60%, indicating lower participation from traders and investors compared to the previous day.

The post Is XRP Set To Rally? Traders Eyes on $2.60 appeared first on Coinpedia Fintech News
XRP, Ripple’s native token, is strongly holding its key support level at $1.95, even after a major price drop in recent days. The daily chart shows that XRP has retested this level more than eight times, and each time, it has bounced back with strong upward momentum. XRP Price Action and Technical Analysis  However, this …

No Short-term Rally, Bitcoin Bull Cycle is Over: CryptoQuant CEO Issues Warning

The post No Short-term Rally, Bitcoin Bull Cycle is Over: CryptoQuant CEO Issues Warning appeared first on Coinpedia Fintech News

Bitcoin’s price has been stuck in a range, with its last trade above $90,000 occurring on March 7. By the end of the previous year, Bitcoin had surpassed the $100,000 mark, but this milestone was short-lived as the price quickly fell. Since then, Bitcoin has been on a downward trend, even dipping below $80,000.

Adding to the market’s struggles, President Trump’s tariff announcement put additional pressure on the crypto space, causing most cryptocurrencies to suffer alongside Bitcoin.

According toCryptoQuant CEO Ki Young Ju,  Bitcoin bull market appears to be over, based on on-chain data analysis. The key metric is Realized Cap, which measures the actual capital entering the market by tracking when BTC is bought (entered a wallet) and sold (left a wallet).

“But when sell pressure is high, even large purchases fail to move the price. There are simply too many sellers. For example, when Bitcoin was trading near $100K, the market saw massive volumes, but the price barely moved,” he explained.

When the Realized Cap grows but the Market Cap (based on the latest trading price) stays flat or drops, it signals that money is flowing in, but prices aren’t responding—this is a bearish sign. Right now, that’s exactly what’s happening.

In contrast, if small amounts of new capital push prices up, it’s a bullish market. But currently, even large amounts of capital aren’t enough to move Bitcoin’s price, indicating a bear market. Historically, real market reversals take at least six months, so a quick recovery is unlikely.

“In short: when small capital drives prices up, it’s a bull market. When even large capital can’t push prices upward, it’s a bear. Current data clearly points to the latter. Sell pressure could ease anytime, but historically, real reversals take at least six months—so a short-term rally seems unlikely,” he concluded.

The post No Short-term Rally, Bitcoin Bull Cycle is Over: CryptoQuant CEO Issues Warning appeared first on Coinpedia Fintech News
Bitcoin’s price has been stuck in a range, with its last trade above $90,000 occurring on March 7. By the end of the previous year, Bitcoin had surpassed the $100,000 mark, but this milestone was short-lived as the price quickly fell. Since then, Bitcoin has been on a downward trend, even dipping below $80,000. Adding …

XRP News: 70% of Binance Traders are Betting on XRP’s Price to Go Long!

The post XRP News: 70% of Binance Traders are Betting on XRP’s Price to Go Long! appeared first on Coinpedia Fintech News

XRP, the fourth-largest cryptocurrency by market cap, is heating up as traders go all in, betting on a major price surge. Over 70% of Binance traders are holding long positions, showing strong confidence in XRP’s future. Crypto analyst Ali Martinez highlights that if XRP stays above $2, it could gain momentum and soar 30% to $2.60. 

But with so many traders piling into long positions, could a sudden price swing shake things up? 

70% Traders Going Bullish on XRP’s Future

According to the data shared by Martinez, 4-hour XRP’s long/short ratio has reached 2.37, meaning that traders betting on price increases significantly outnumber those expecting declines. 

Typically, a higher long/short ratio suggests that investors expect the price to rise. However, it can also indicate an overcrowded trade, which sometimes leads to sudden price swings if sentiment shifts unexpectedly.

Further, Martinez revealed that 70.33% of accounts were holding long positions, while only 29.67% were shorting the asset. This marks a strong tilt towards optimism among XRP traders.

Should Traders Be Cautious?

While the bullish sentiment is strong, traders should remain cautious. A high long/short ratio often increases the risk of liquidations, especially if the price moves against the majority. 

According to Coinglass, XRP saw $3.1 million in liquidations in the past 24 hours. Long traders, who expected the price to rise, lost $1.73 million, while short traders, who bet on a price drop, lost $1.36 million.

If XRP’s price dips suddenly, leveraged long positions could be forced to close, leading to further declines.

XRP Aims for a 30% Surge

Further, Martinez suggests that the XRP price is showing strong signs of a potential rally. As per the Martinez 4-hour XRP price chart analysis, XRP is trying to break out of its current consolidation phase.

If the price stays above $2, it may attract more buyers, increasing momentum and pushing XRP toward its next major resistance at $2.60—a potential 30% jump from current levels.

Right now, XRP is trading around $2.09, down 2% in the last 24 hours, with a market cap of $121.8 billion.

The post XRP News: 70% of Binance Traders are Betting on XRP’s Price to Go Long! appeared first on Coinpedia Fintech News
XRP, the fourth-largest cryptocurrency by market cap, is heating up as traders go all in, betting on a major price surge. Over 70% of Binance traders are holding long positions, showing strong confidence in XRP’s future. Crypto analyst Ali Martinez highlights that if XRP stays above $2, it could gain momentum and soar 30% to …

Pi Network News Today: Expert Finally Reveals Why Binance Might Never List Pi Coin

Pi Network News_ Will Binance Ever List Pi Coin_ Here’s What We Know

The post Pi Network News Today: Expert Finally Reveals Why Binance Might Never List Pi Coin appeared first on Coinpedia Fintech News

Pi Coin’s price has been on a rollercoaster—rising to $2.98 before crashing down to $0.50, leaving many surprised. As of now, Pi is down over 11% and trading at $0.63. One reason for Pi Coin’s struggle could be its absence from major exchanges like Binance and Coinbase, which limits its visibility and trading volume.

As reported by Bao Moi, Nguyễn Hà Minh Thông, founder of Cabo Capital in Ho Chi Minh City, has shared reasons on why Binance has yet to list Pi Token. The expert said that while the Pi community might believe the project doesn’t need Binance, without recognition from major exchanges, Pi will continue to face skepticism and struggle to achieve real market value.

Limited Open Market Activity:

Pi Network’s mainnet has been live since late 2024, but it remains in an “enclosed” state, meaning transactions are limited to its internal ecosystem. Binance prefers projects with fully open, public blockchains to ensure transparency and market stability.

Unclear Tokenomics:

The total supply of Pi is reportedly 100 billion tokens, but only about 6.8 billion are in circulation. The Pi Core Team has also reduced the supply by removing 10 million tokens without clear explanations, raising concerns about potential price manipulation. Binance requires clear data on token distribution to avoid risks.

Regulatory Concerns:

Binance is under regulatory pressure globally, especially in the U.S., where legal issues around money laundering and financial compliance are serious. Pi Network has not been officially recognized by any regulatory body. In Vietnam, cryptocurrencies aren’t legally recognized, and in China, Pi was flagged as a “multi-level marketing project.” Listing Pi could expose Binance to legal risks.

Lack of Liquidity and Market Activity:

For a token to be listed on Binance, it needs strong liquidity and trading volume on major exchanges. Pi currently trades mainly through OTC channels like Telegram and small exchanges (e.g., OKX, HTX) with unstable prices. Binance prefers tokens that have experienced real price discovery in open markets.

Centralization Issues:

Pi Network has faced criticism for its high level of centralization, with the Pi Core Team controlling all mainnet nodes. This contradicts the decentralization principle that major exchanges like Binance prioritize, as seen with Bitcoin and Ethereum.

The post Pi Network News Today: Expert Finally Reveals Why Binance Might Never List Pi Coin appeared first on Coinpedia Fintech News
Pi Coin’s price has been on a rollercoaster—rising to $2.98 before crashing down to $0.50, leaving many surprised. As of now, Pi is down over 11% and trading at $0.63. One reason for Pi Coin’s struggle could be its absence from major exchanges like Binance and Coinbase, which limits its visibility and trading volume. As …

From Undervalued to Unstoppable? MUTM’s Journey to the Top of DeFi

muttum-finance

The post From Undervalued to Unstoppable? MUTM’s Journey to the Top of DeFi appeared first on Coinpedia Fintech News

In the constantly evolving world of decentralized finance, it’s often the lesser-known projects that quietly build strong foundations before rising to prominence. One project that’s starting to shift from overlooked to in-demand is Mutuum Finance. Still early in its journey, Mutuum is building the kind of infrastructure that appeals to both everyday users and experienced DeFi participants—and many are now watching closely as it gains momentum.

Mutuum Finance (MUTM)

Mutuum Finance is a decentralized, non-custodial protocol focused on lending and borrowing. While that space already includes a number of established platforms, Mutuum takes a more balanced and accessible approach. The protocol allows users to earn interest on their crypto or access liquidity without selling their assets—all through smart contracts that eliminate the need for third-party intermediaries.

Here’s how it works in practice: a user deposits an asset like ETH or stablecoins into the platform. In return, they begin earning interest based on demand within the pool. The system is dynamic—when borrowing activity increases, yields for lenders rise as well. This makes it attractive for long-term holders looking to earn passively while keeping full control of their deposits.

Borrowers, on the other hand, can lock up their crypto as collateral to access funds without selling at potentially unfavorable prices. For example, someone holding MATIC may believe the price will rise in the coming months. Rather than liquidating it to free up cash, they can use that MATIC as collateral to borrow a stablecoin, giving them flexibility while maintaining exposure to future gains. This structure supports smart capital use without giving up asset ownership.

Beyond its functional design, one of Mutuum’s strengths lies in its tokenomics. The native token, MUTM, serves multiple purposes within the ecosystem. Users who hold and participate in the platform are rewarded as the protocol uses a portion of its revenue to buy MUTM from the open market. These tokens are then distributed to active contributors, creating a system where ongoing engagement is met with ongoing value.

This model helps build demand for the token while reducing circulating supply over time. It’s a sustainable model that incentivizes long-term behavior, something many early-stage DeFi tokens often lack.

Looking ahead, the Mutuum team is preparing to launch a beta version of the platform, which will give users an opportunity to test and interact with the core lending and borrowing tools in a live environment. This milestone is expected to draw more attention and bring new users into the ecosystem, especially as it showcases the platform’s capabilities in real time.

Another major driver of future growth is the expected listing of MUTM on top-tier centralized exchanges following the conclusion of its presale. Listings on major platforms typically bring a surge in liquidity and visibility, which can significantly impact token price. For early buyers who entered during the presale at just $0.025, public listings combined with platform activation could mark the beginning of a strong upward move.

muttum-finance

What makes Mutuum stand out isn’t just the promise of returns, but the structure it’s building around them. Transparent smart contracts, a dual lending model, real passive yield generation, and plans for a collateral-backed stablecoin all contribute to a layered and functional protocol. It’s not about hype—it’s about building a system that works and grows naturally over time.

As the DeFi space matures, projects like Mutuum Finance that focus on user experience, sustainable rewards, and smart token design are likely to gain more traction. From an undervalued asset in its early stages to what could soon be a widely used protocol, MUTM’s journey is just getting started. And if the beta launch and exchange listings go as expected, the move from overlooked to unstoppable may happen sooner than many think.

For more information about Mutuum Finance (MUTM) visit the links below:

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In the constantly evolving world of decentralized finance, it’s often the lesser-known projects that quietly build strong foundations before rising to prominence. One project that’s starting to shift from overlooked to in-demand is Mutuum Finance. Still early in its journey, Mutuum is building the kind of infrastructure that appeals to both everyday users and experienced …