Dubai Court Freezes $456M Linked to Justin Sun’s Bailout of TrueUSD Issuer Techteryx

Dubai’s Digital Economy Court has ordered a worldwide freeze of $456 million connected to a dispute involving the TrueUSD stablecoin. The court found compelling evidence of a breach of trust regarding the reserve funds that were allegedly misappropriated into Aria Commodities DMCC, a Dubai-based trade-finance firm. Techteryx claims that these funds were improperly transferred, turning cash reserves into long-term loans and private deals, which could not be redeemed during withdrawal requests by stablecoin holders. The ruling, issued by Justice Michael Black KC, emphasizes that Techteryx has serious issues to be tried and raised concerns about the risk of asset dissipation by Aria’s controlling financier, Matthew Brittain. This ruling marks a significant action by Dubai’s Digital Economy Court, reflecting the situation's seriousness as it attempts to safeguard the interests of TrueUSD token holders and ensure the funds are protected while ownership is contested in Hong Kong courts.

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