Justin Sun saved Tusd from Techteryx, where Stablecoin reserves of $ 456 million have been suspended

Justin Sun saved Trueusd Stablecoin from Techteryx after nearly half a billion dollars of his non -liquid reserves, and the people close to the matter confirmed, Source Stablecoin He said in the documents of the Hong Kong Court.

After getting Trueusd from Truecoin in December 2020, Techteryx First Digital Trust (FDT) was appointed, based in Hong Kong, to manage Stablecoin reserves.

According to the documents prepared by the American law firm Cahill Gordon & Rendel, instructions were directed to FDT to invest reserves at the Aria Commune Finance (ARIA CFF), a vehicle registered in the Cayman Islands. However, the court files claim that approximately $ 456 million has been incorrectly transferred to Commodities DMCC, a separate, unauthorized entity based in Dubai.

Matthew Bretin’s documents determines that it controls the Aria Capital Management Ltd and Cecillia Brittain as the only contributor to the Dubai DMCC.

However, Matthew Brettan emails are signed from Aria with an address in Dubai.

Court documents say that Cecilia is the wife of Matthew.

ARIA DMCC is involved in the financing of trade, asset development, and commodity trading, while ARIA CFF funds commodity dealers, including Aria DMCC and third parties, according to Matthew Briton, who described the relationship between the two companies in an e -mail to Coindsk.

Watch the production of Moore CPA Limited Show FDT managed $ 501 million in Trueusd reserves by November 2024.

Hong Kong Court Cancels say that Choc is about $ 15.5 million from unannounced committees to an entity called “glass door” and is organized separately on nearly $ 15 million in unauthorized commercial financing loans from FDT to Aria DMCC, which is retroactively controlled.

“The transfers to the Aria DMCC were flagrant embezzlement and money laundering,” as stated in the claim. “They were made without knowledge, authorization or approval of the plaintiff.”

These statements were not tried in the court as of the time of the press.

ARIA DMCC has invested the money in the global projects they described As relatively non -liquid, such as manufacturing factories, mining operations, marine ships, ports infrastructure, and renewable energy projects.

When Techanterex tried to recover its investments from ARIA CFF between mid -2012 and early 202.3, not received a few or non -existent money, as it is claimed that Arya’s entities are lagging behind payments and their failure to meet redemption requests, the court documents say.

Techteryx then I took full operational control over Tusd in July 2023Ending Truecoin’s involvement. As part of a transition period after the sale of December 2020, Trucoin continued to manage the daily operations of Tusd.

According to the court’s files, Sun intervened at this time to provide emergency liquidity support, which was organized as a loan.

The court’s deposits said that the Techteryx team then made a stone of 400 million Tusd so that the retail recovery could continue and the holders of the distinctive symbol will not be affected, despite the empty Stablecoin source cabinets.

The first digital says it has followed the techryx instructions

In response to a comment from Coindsk, Vincent Chok, CEO of First Digital, he categorically denied any violations or participation in fraudulent plans.

I told Chok Coindsk that First Digital Trust acted as a credit medium, specifically implemented transactions according to the instructions provided by Techteryx and its representatives. He stressed that his company was not responsible for evaluating or providing advice independently on these investment decisions.

“We understood that one of the main blockers that Aria expressed to recover early funds (according to the Tecrancex request) are AML/KYC concerns regarding the deal between Truecoin and Techteryx and the true identity of the final useful owner of Techteryx”.

“We have not yet had the opportunity to fully defend ourselves,” Choc said in an email to Coindesk. “We are fully committed to clarifying these matters in a timely manner with the continuation of the legal arbitration and arbitration process.”

“He completely rejects the TecsyX claims against ARIA DMCC and any relevant entities,” said Matthew Bretin from the Arya Condsk group.

Bretin said that Techteryx was fully aware of the commitments, and it was identified in the contracts approved by the subscribers when investing in ARIA CFF, which was clearly appointed to the presentation note.

Briton also chanted Chok’s concerns about the useful Tecrancex ownership, noting this Wall Street Journal Cover the topic.

Hong Kong Lee Genmy is determined as the final useful owner of Techteryx. A spokesman for Techteryx confirmed that this is not the same person as Jennifer Yiyang – the former useful owner of the company – despite some media that reports on the contrary.

“The subscriber did not solve these issues,” British continued, referring to useful property concerns.

PRIME TRUST Challenges and SEC settlement compounds

During this, TUSD challenges continued in the form of a banking partner collapsing and organizational scrutiny in the United States

In mid -2013, Prime Trust, an independent trustee at Nevada, is not related to this issue, but it is used Trueusd in her ladders Fiat, It was placed in the judicial guard by government organizers.

Government organizers claimed that Prime Trust had incorrectly used customer money to cover withdrawal requests, raising serious concerns about their financial stability.

The court files from Nevada showed that Prime Trust condemns $ 85 million of FIAT obligations with only about 3 million dollars.

This was not the last headache of Stablecoin.

In September 2024, Truecoin and Trustoken (Stablecoin owners before Techteryx) with the Supreme Education Council settled on allegations that they have been misleading as fully backed by dollars while secretly investing in risky foreign funds.

Without admitting error, or in detail the nature of their external investments with ARIA, Truecoin and Trustoken agreed to pay civil sanctions and cancel profits to a little more than $ 500,000 to solve fraud fees and unregistered securities.

For his part, British said from Arya that investing in Aria was not the right step to start the stablecoin reserves.

“Aria CFF has never kept [its] “The strategy is very liquid, or is suitable for Stablecoin reserves,” he said in an email.