Dubai Court Orders Global Freeze of $456 Million Tied to Justin Sun-Linked TrueUSD Stablecoin

The Digital Economy Court at the Dubai International Financial Centre (DIFC) has ordered a worldwide freeze of assets worth $456 million tied to Tron founder Justin Sun-led bailout for TrueUSD stablecoin users.

H.E. Justice Michael Black, judge at the DIFC court, declared the continuation of a global freezing injunction order in an amended judgment made on October 17, 2025, prohibiting Aria DMCC, the first defendant in the case, from moving any of its assets.

The Dubai court froze $456,000,000 related to @justinsuntron and TrueUSD stablecoin.

According to the investigation, the money that should have been in reserve was spent on third-party transactions and loans – because of this, the project could have problems with payments to…

— Ibadulla (@ibadylla31) November 12, 2025

The judgment centers on whether the transfer made from TrueUSD’s reserves to Aria Commodities’ account was improper. The judge also ordered a proprietary injunction prohibiting the first defendant from disposing of, dealing with, or diminishing cash or assets up to the $456 million amount that was transferred.

The case in question is between the claimant Techteryx Ltd, and defendants Aria Commodities DMCC, Mashreq Bank PSC, Emirates NBD Bank PJSC, and Abu Dhabi Islamic Bank PJSC.

Dubai Digital Economy Court Orders Global Freeze of Misappropriated $456 Million Reserve Funds Tied to TUSD Issuer Techteryx

Techteryx Ltd is a British Virgin Islands-incorporated business consortium that took ownership of the dollar-backed stablecoin, TrueUSD (TUSD), in December 2020 from its original issuers, Archblock Inc. (formerly TrustToken) – an enterprise-focused DeFi firm – that encountered financial difficulties.

Following a transitional period after the 2020 sale, Archblock exited the TUSD project in July 2023, giving Techteryx full operational control over the stablecoin.

Court documents reveal that between 2020 and 2023, Techteryx was supposed to redeem $468 million from the TUSD reserves, appointing a Hong Kong-based fiduciary, First Digital Trust, to manage the assets. The company requested the amount to be invested in an instrument called “Class C USD 3 YR 6% Coupon,” issued by ARIA Commodity Finance (Aria CFF) – a Cayman Islands-based investment fund – from which it would then redeem. 

The deal took a turn for the worse after the money was not transferred into the fund as intended. Instead, First Digital Trust improperly diverted $456 million of the total to Aria Commodities DMCC – a Dubai-incorporated trading firm involved in the financing, trading, production, and distribution of commodities, such as grains, oilseeds, foodstuffs, and petrochemicals.

Aria Commodities then allegedly used the money for high-risk investments, which included shipping commodities, funding mining operations, and providing loans across emerging markets. Since these investments were illiquid, they could not be quickly converted back into cash, further complicating the issue.

Techteryx faced a Liquidity Crisis as TUSD Holders Could Not Redeem tokens for Cash, forcing the Company to seek a Bailout From Justin Sun to prevent a Depeg

When TUSD holders attempted to redeem their assets for U.S. dollars between late 2022 and early 2023, Techteryx was unable to make them whole as it had no cash in its reserves. 

Despite repeatedly requesting that Aria return the funds, the stablecoin issuer received no feedback, resulting in the entity defaulting on payments and failing to fulfill redemption requests.

The misappropriation by First Digital Trust created a massive shortfall in Techteryx’s TUSD reserves, and the company had to be bailed out by Justin Sun, who is listed as an ultimate beneficial owner in an April 2025 Hong Kong court filing. The Techteryx team locked 400 million TUSD so that retail redemptions could continue and token holders wouldn’t be affected, despite the issuer holding no reserves and facing a major liquidity crisis.

Sun’s intervention prevented TUSD from losing its 1:1 peg with the dollar. Although he had previously distanced himself from the stablecoin, this bailout was crucial, as a “depegging” event could have destroyed the reputation of his other crypto ventures – Tron blockchain and HTX exchange.

First Digital Trust Directed $15.5 Million in Commissions and Structured a $456 Million Loan to Aria DMCC from the $500 Million TUSD Reserves

As of November 2024, First Digital Trust managed $501 million of TrueUSD’s reserves. But the Hong Kong court filings also reveal that the fiduciary’s CEO, Vincent Chok, allegedly directed around $15.5 million in undisclosed commissions to an entity called Glass Door and separately structured $456 million in unauthorized trade finance loans to Aria DMCC.

Matthew Brittain was identified as controlling Aria CFF through Aria Capital Management Ltd, while Cecilia Brittain was registered as the sole shareholder of the Dubai-based Aria Commodities DMCC. Court documents revealed that Cecilia is married to Matthew, and the latter’s emails are signed with an address in Dubai, fueling speculation that it was a covert operation.

Techteryx counsel Al Tamimi & Co. wrote in a post-judgment brief that it is making proprietary and personal claims from Aria Commodities, including breach of trust and knowing receipt. The company claims that the $456 million transfer breached its custody terms with First Digital Trust, turning cash reserves into long-term loans and private deals that could not be redeemed when stablecoin holders sought withdrawals.

Justice Michael Black stated that the claimant provided compelling evidence in the case that the funds are held under a “constructive trust,” while Aria provided “no evidence” on where the money was used or what assets were purchased with it. The Judge added that the funds should be frozen to prevent them from being moved or concealed before Hong Kong courts could determine their true ownership.

The worldwide freeze and injunction order against Aria DMCC will remain in effect until further court order is provided.

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