Dubai Court Freezes $456M Linked to Justin Sun’s Bailout of TrueUSD Issuer Techteryx

Dubai's Digital Economy Court has upheld a worldwide freezing order on $456 million associated with Justin Sun's bailout of the TrueUSD stablecoin reserve shortfall. The dispute involves allegations that funds were improperly transferred from TrueUSD reserves into Aria Commodities DMCC, a Dubai-based firm controlled by Matthew William Brittain, via accounts managed by Hong Kong trustee First Digital Trust in 2021 and 2022. Techteryx, the claimant, argues these transfers breached custody terms, turning cash reserves into illiquid loans and private deals that could not be redeemed during withdrawal requests. Justice Michael Black KC ruled that Techteryx showed "serious issues to be tried" and a credible claim of constructive trust, citing a "real risk" that Brittain could dissipate assets. This ruling marks the first worldwide freezing order issued by Dubai’s Digital Economy Court, intended to protect the assets until Hong Kong courts determine ownership.

(Source：CoinDesk)