A judge at the Dubai International Financial Centre (DIFC) has imposed a worldwide freeze on $456 million in assets tied to the alleged misappropriation of TrueUSD (TUSD) stablecoin reserves, a case linked to Tron founder Justin Sun’s earlier bailout of the token.
Key Takeaways:
A Dubai court has ordered a worldwide freeze on $456 million in assets linked to the alleged diversion of TrueUSD reserves. The injunction targets Dubai-based Aria Commodities DMCC, which allegedly received the funds instead of the designated reserve account. Tron founder Justin Sun previously covered the $456 million shortfall to protect TUSD holders.H.E. Justice Michael Black KC of the DIFC Digital Economy Court ordered the continuation of both proprietary and worldwide injunctions against Dubai-based Aria Commodities DMCC, barring the firm from transferring or dealing with any assets up to the value of $456 million.
Dubai Judge Extends Global Freeze on $456M Linked to TrueUSD Case
The order was issued in an amended judgment on October 17.
“I direct that the following injunctions shall remain continued until further order of the Court: a worldwide freezing injunction, prohibiting the First Defendant [Aria DMCC] from removing from Dubai any of its assets which are in Dubai up to the value of USD 456,000,000,” Justice Black declared in the ruling.
The decision follows a long-running dispute between Techteryx Ltd, the operator of the TrueUSD stablecoin, and several financial institutions, including Aria Commodities DMCC, Mashreq Bank PSC, Emirates NBD Bank PJSC, and Abu Dhabi Islamic Bank PJSC.
According to the case filings, Techteryx, which acquired TrueUSD in 2020, was unable to redeem a large portion of its US dollar reserves managed by First Digital Trust between 2022 and 2023.
Investigations revealed that the funds, instead of being held in the proper Cayman Islands-based reserve account, were allegedly redirected by First Digital Trust to Aria Commodities DMCC in Dubai.
Counsel for Techteryx, Al Tamimi & Co, stated that the reserves were originally custodied in Hong Kong, and between May 2021 and March 2022, around $468 million was said to have been invested in the Aria Commodity Finance Fund, though nearly $456 million was transferred directly to Aria Commodities DMCC.
The diverted funds gave rise to claims of breach of trust and knowing receipt, prompting the proprietary injunction and the subsequent global asset freeze.
Justin Sun, listed in the filings as an ultimate beneficial owner of Techteryx, previously announced a full bailout of all public TUSD holders, covering the $456 million shortfall allegedly caused by the diversion.
Justin Sun Vows Global Pursuit of $456M in Missing TrueUSD Funds
In a post on X, Sun praised the DIFC Court’s decision, noting that Techteryx continues to track and recover the missing funds.
“This serves as a strong notice to all persons knowingly involved in global scam operations of ARIA. You can run but you cannot hide; we will come after you wherever you are,” Sun wrote.
The DIFC Court’s injunctions will remain in effect until further orders are issued, as Techteryx pursues the restitution of the missing TUSD reserves.
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