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

Dubai’s Digital Economy Court has ordered a worldwide freeze on $456 million linked to a reserve shortfall for TrueUSD stablecoin holders. The court found compelling evidence of a breach of trust, alleging that funds from TrueUSD's reserves were improperly diverted to Aria Commodities DMCC, a Dubai-based firm involved in trade finance and other ventures. Judge Michael Black KC stated Techteryx presented serious issues for trial, highlighting a credible claim of constructive trust over the funds, while Aria provided no evidence of how money was transferred or the ownership of assets purchased. The ruling represents the inaugural global freezing order from Dubai’s Digital Economy Court, anticipating potential asset reallocation by Aria’s control, Matthew Brittain. This legal action aims to safeguard the funds until ownership is decided in Hong Kong courts.

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