TrueUSD reserves frozen amid Justin Sun alleged involvement
The Dubai International Financial Centre (DIFC) Court has ordered an extension of the asset-freeze injunction worth $456 million connected to the TrueUSD stablecoin rescue program allegedly backed by Tron founder Justin Sun.
The head of the Dubai Digital Economy Court directed that the global and domestic injunction against Aria DMCC remain in effect for $456 million.
Aria DMCC is the first defendant in a case involving misappropriated reserves from the TrueUSD stablecoin, reportedly funded by Justin Sun. The asset freeze and court injunction will remain in place until further order from the court.
The decision follows a July hearing between claimant Techteryx Ltd and defendants Aria Commodities DMCC, Mashreq Bank PSC, Emirates NBD Bank PJSC, and Abu Dhabi Islamic Bank PJSC.
According to case documents, Techteryx, which acquired the U.S. dollar-backed TrueUSD in 2020, was unable to fully redeem its reserve funds managed by First Digital Trust between 2022 and 2023.
Funds intended for rescue were blocked
Instead, it is alleged that these reserves were transferred by First Digital Trust to Aria DMCC rather than to a Cayman Islands-based fund from which Techteryx redeemed reserves.
“These reserves were held in Hong Kong, and between May 2021 and March 2022, approximately $468 million were reportedly invested into the Aria Commodity Finance Fund registered in the Cayman Islands,” Techteryx’s law firm Al Tamimi & Co wrote in a post-hearing statement.
It was later revealed that $456 million of these funds were transferred directly to Aria Commodities DMCC in Dubai rather than the Cayman fund, prompting claims of property and personal rights violations, including breach of trust and knowing receipt of funds.
The deficit in reserves was ultimately covered — or “rescued” — by Tron founder Justin Sun, who is named in the court filings as the ultimate beneficial owner of Techteryx.
As we wrote, Justin Sun reveals scheme involving misuse of TrueUSD reserves
Latest Justin Sun News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
