According to breaking news, the $456 million worth of assets that Justin Sun gave to TechTeryx to save the stablecoin called TrueUSD were frozen by the Dubai court.
The Dubai Digital Economic Court has ordered a global freeze on funds linked to a $456 million shortfall in TrueUSD stablecoin reserves. This decision has revived the crisis that forced TRON founder Justin Sun to bail out TrueUSD token holders.
The dispute revolves around whether funds from Techteryx’s stablecoin reserves were allegedly transferred improperly to Dubai-based trade finance firm Aria Commodities DMCC. According to the plaintiff’s lawyer, Aria received these funds through accounts managed by Hong Kong-based First Digital Trust in 2021 and 2022.
Aria is reportedly part of a group of companies controlled by financier Matthew William Brittain, with funds received being used for commodity transportation, mining projects and other illiquid ventures in emerging markets.
Techteryx claims that these transfers violated custody terms and that stablecoin holders’ withdrawal requests were not met by converting cash reserves into long-term loans.
Judge Michael Black KC issued a global freezing order to prevent the funds being moved or concealed, stating that Techteryx had raised “serious issues that require trial.”
*This is not investment advice.