Apr 2, 2025
This is an archive of our post on Aave governance forum. Read the full thread here.
First Digital is actively responding to the allegations made by Justin Sun. They deny the allegation in this Twitter post. They have also responded by addressing the allegations in a recent Twitter Spaces.
The latest attestation report of fdUSD reserves is from February 28, 2025. They commit to monthly attestation reporting with an 18 day delay on each month’s reporting. There is a notable deficiency in the attestation reporting that they do not disclose the financial institutions where the reserves are held.
67e12b28b3f2b0d908a162bc_fdusd-attestation-2025-02-28-67dcd1b781dea.pdf
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At this time we do not have clarity about the validity of the allegations made against First Digital’s solvency.
For more detailed risk analysis about fdUSD, LlamaRisk have conducted a comprehensive risk report on fdUSD here:
Pegkeeper Onboarding Review: First Digital FDUSD - Llama Risk
DeFi Risk Specialists: Building Trust, Transparency, and Growth in Decentralized Finance