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

Dubai’s Digital Economy Court has frozen $456 million linked to a reserve shortfall of the TrueUSD stablecoin, amidst allegations of a breach of trust by Techteryx, the issuer. The funds had been allegedly transferred to Aria Commodities DMCC, a Dubai-based firm, which is accused of misappropriating the assets into long-term loans without proper redemption paths for token holders seeking withdrawals. An investigation commenced after Techteryx claimed that these transactions violated custody terms set with First Digital Trust, which managed the funds. Justice Michael Black KC noted serious trial issues regarding the ownership of the funds and cited risks that Aria’s controlling entity could dissipate or hide the assets. This ruling marks a significant worldwide freezing order issued by the court, aimed at preventing the unauthorized movement of the funds while further investigations are conducted.

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