On April 5, Sun Yuchen issued an article on the X platform stating that the theft of user funds by First Digital Trust (FDT) and the misappropriation of user funds by FTX are both very serious and serious incidents of misappropriation of user funds. However, if we must compare the severity, the former is more serious, even more than ten times worse than FTX. The reasons are as follows: 1. FTX embezzled user funds. Although users were unaware of the misappropriation, at least within FTX, SBF acted as a pledge loan. On behalf of Alemeda Research, SBF mortgaged a large amount of FTT/SRM/FTX shares/Maps tokens to FTX to lend user funds. At least on the surface, this was a loan, and a certain degree of pledge was made according to a percentage. FDT directly did not authorize the user. Directly misappropriate stolen assets without the user's knowledge, and there is no internal mortgage process. 2. SBF embezzled FTX user funds without user authorization, but ultimately used them for investment. In the end, at least the vast majority of them entered Robinhood's stock. AI companies such as Anthropic did not engage in corruption or enjoyment. FDT currently looks at it, the vast majority of them entered private companies, were completely embezzled, and did not make any substantial investment. 3. After the incident was exposed, SBF was at least positive and hired the law to find ways to recover user assets. However, after the embezzlement fact was exposed, Vincent Chok Zhuo Junqiang still accused a deer as a horse and pretended that nothing had happened, with great subjective malice. 4. After the FTX incident, U.S. regulators and law enforcement agencies took quick action, proactively intervened in the FTX bankruptcy process, and arrested FTX-related personnel (including SBF) to actively control the situation, help users recover losses, and avoid significant impact on U.S. financial reputation.