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

A Dubai court has ordered the freezing of $456 million linked to Justin Sun’s financial support of TrueUSD issuer Techteryx. The court found compelling evidence of a breach of trust concerning the reserves of the TrueUSD stablecoin, which were allegedly misdirected into Aria Commodities DMCC, a Dubai-based trade finance firm. The funds, transferred between 2021 and 2022 through First Digital Trust, were purportedly converted into long-term loans, rendering them inaccessible for stablecoin holders seeking withdrawals. Justice Michael Black KC noted that Techteryx had raised serious legal questions, leading to the worldwide freezing of the assets to prevent any potential concealment before proceeding with ownership claims in Hong Kong courts. This ruling is a landmark decision for Dubai's Digital Economy Court, highlighting ongoing concerns over asset management and liquidity in the cryptocurrency space.

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