In a recent event, $456 million in assets connected to the alleged theft of TrueUSD (TUSD) stablecoin reserves have been frozen by a judge at the Dubai International Financial Centre (DIFC). This case is connected to Justin Sun, the founder of Tron, who previously saved the token.
Verdict from DIFC
The global and proprietary injunctions against Dubai-based Aria Commodities DMCC were extended by H.E. Justice Michael Black KC of the DIFC Digital Economy Court, prohibiting the company from dealing with or transferring assets valued at up to $456 million.
Sun commended the DIFC Court’s ruling in a post on X(Twitter), pointing out that Techteryx is still searching for and retrieving the lost money.
Justin wrote, “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 Techteryx’s pursuit for justice and restitution of the missing funds.”
“I direct that the following injunctions shall remain continued until further order of the Court: a worldwide freezing injunction, prohibiting the First Defendant 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.
Also Read: Tron Co-Founder Justin Sun Says Tron Will Tweak Fees As TRX Rises Amid Bull Run
The history of the case
Aria Commodities DMCC, Mashreq Bank PSC, Emirates NBD Bank PJSC, Abu Dhabi Islamic Bank PJSC, and Techteryx Ltd, the TrueUSD stablecoin operator, were among the financial institutions involved in the lengthy legal struggle that resulted in the verdict.
According to the complaint filings, Techteryx, which bought TrueUSD in 2020, was unable to redeem a sizable portion of its US dollar assets under First Digital Trust’s administration between 2022 and 2023.
According to investigations, First Digital Trust reportedly transferred the money to Aria Commodities DMCC in Dubai rather than keeping it in the appropriate reserve account located in the Cayman Islands.
According to Techteryx’s counsel, Al Tamimi & Co., the reserves were initially held in Hong Kong. While about $468 million was allegedly invested in the Aria Commodity Finance Fund, about $456 million was remitted directly to Aria Commodities DMCC between May 2021 and March 2022.
Claims of knowing receipt and breach of trust stemming from the diverted cash led to the worldwide asset freeze and the proprietary injunction.
Sun speaks up
“This serves as a strong notice to all persons knowingly involved in the global scam operations of ARIA. You can run, but you cannot hide; we will come after you wherever you are,” Sun wrote.
In an effort to deter theft and help customers who had lost access, WLFI recently announced on X (Twitter) that it has blocked 272 wallets in recent days. According to the corporation, it also had a wallet of Justin Sun.
Techteryx is pursuing the return of the lost TUSD reserves, and the DIFC Court’s injunctions will stay in force until more rulings are made.