Justin Sun: Both FDT and FTX misappropriated user funds, but FDT is more serious

Odaily Planet Daily News Sun Yuchen posted on the X platform that the theft of user funds by First Digital Trust (FDT) and the misappropriation of user funds by FTX are both very serious and bad misappropriation of user funds, but if we must compare the degree of badness, the degree of badness of First Digital Trust (FDT) is more serious, even more than ten times worse than FTX, for the following reasons: 1. FTX misappropriated user funds. Although users were not aware of the misappropriation, at least within FTX, SBF made a pledge loan. On behalf of Alemeda Research, it pledged a large amount of FTT/SRM/FTX shares/Maps tokens to FTX to lend user funds. At least on the surface, this is a loan, and a certain degree of mortgage was made according to the percentage, while FDT directly misappropriated and stole assets without the user's authorization and without the user's knowledge, and there was no internal mortgage process. 2. SBF misappropriated FTX's user funds without user authorization, but eventually used them for investment. In the end, at least most of them went into Robinhood's stocks, Anthropic and other AI companies with high quality, without corruption and enjoyment. At present, most of FDT's funds went into private companies, which were completely misappropriated and embezzled, without any substantial investment. 3. After the incident was exposed, SBF's attitude was at least positive, at least actively remedied it, and hired a law firm to find a way to recover user assets. However, after the fact of misappropriation was exposed, Vincent Chok Zhuo Junqiang still pointed at the wrong person and pretended that nothing had happened, with great subjective malice. 4. After the FTX incident, US regulators and law enforcement agencies took quick action, actively intervened in the FTX bankruptcy process, and arrested FTX-related personnel involved (including SBF), actively controlled the situation, helped users recover losses, and avoided a major impact on the US financial reputation.