Dubai Court Freezes $456M in TrueUSD Scandal—Justin Sun’s Techteryx Bailout Under Fire

Dubai authorities drop the hammer on a half-billion-dollar crypto fraud case tied to Tether's controversial sibling.

TrueUSD's $456M freeze marks latest blow to stablecoin credibility—just as regulators sharpen their knives.

Justin Sun's Techteryx faces heat for alleged bailout role. Because nothing says 'decentralized finance' like oligarchs playing hot potato with frozen funds.

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.

Six months after our announcement to bail out all public holders of TUSD, where US$456m of US Dollar reserves were siphoned-off by a group of fraudsters involving ARIA group, First Digital Trust and Legacy Trust, among others, I am pleased to see that progress has been made in…

“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.