FDT bids $456m Dubai freeze as Techteryx seeks to recover Trueusd reserves from Aria
With a court in Dubai Freezing $ 456 million Tied to Trueusd’s reserves, First Digital Trust said it is supporting Techteryx’s efforts to recover funds after they become non-performing in 2023 following transfers to complex investment structures linked to the Aria group, a shortfall that An emergency bailout is required From Justin Sun to keep StableCoin running.
“We welcome any steps that assist Techteryx in pursuing the recovery of its funds from the Aria Entities,” First Digital’s Vincent Chok said in an email to Coindesk. “We understand that the court has ordered Aria to provide disclosure about the assets, and we look forward to seeing the results of that process.”
FDT is not a party to the case in Dubai.
The connection between FDT and ARIA stems from FDT’s former role as fiduciary custodian for Trueusd reserves, which it held on behalf of Techteryx.
Count Coindesk reported earlier this yearTechteryx said it instructed FDT to place the funds into the Aria Commodity Finance Fund, a Cayman Islands vehicle. Court filings in Hong Kong later allege that approximately $456 million was instead transferred to Aria Commodities DMCC, a separate entity based in Dubai, whose assets were tied to crippling financial positions.
A court order from Dubai’s digital economy court froze these funds.
FDT CEO Vincent Chok told Coindesk that the firm only acted as a fiduciary administrator and carried out all transactions exactly as instructed by Techteryx and its representatives.
Separately, FDT is ongoing pursue a defamation case Against Sun, who, in April, claimed the trustee was “effectively worthless,” causing FDT’s StableCoin, FDUSD, to go short.
“There are no public updates to share at this stage,” Chok told Coindesk.
