PANews reported on April 2 that Justin Sun posted on a social media platform that First Digital Trust (FDT) is in fact insolvent and unable to fulfill its obligation to redeem customer funds. He called on users to take immediate action to protect the safety of their assets, and pointed out that there are major loopholes in Hong Kong's trust licensing mechanism and financial supervision, urging regulatory and law enforcement agencies to intervene quickly. He will hold a press conference at 14:00 (UTC+8) on April 3 to disclose further details.