FDT Welcomes Dubai’s $456M Freeze as Techteryx Seeks to Recover TrueUSD Reserves from Aria
FDT supports Techteryx's effort to recover $456 million in TrueUSD reserves frozen by a Dubai court from Aria entities.Summary
First Digital Trust (FDT) has welcomed a Dubai court order freezing $456 million linked to TrueUSD reserves, viewing it as assistance for Techteryx in recovering its funds from Aria entities. These reserves became illiquid in 2023 after being transferred into complex investment structures managed by the Aria Group, necessitating an emergency bailout from Justin Sun to maintain the stablecoin's operation. FDT acted only as a fiduciary custodian for Techteryx, executing instructions to place funds into the Aria Commodity Finance Fund, but filings suggest the assets were instead moved to Aria Commodities DMCC in Dubai, where they became tied up in illiquid trade-finance positions. FDT CEO Vincent Chok confirmed the firm was not a party to the Dubai case and emphasized that FDT acted strictly as an intermediary as instructed. Separately, FDT is pursuing a defamation case against Sun over claims of insolvency.
(Source：CoinDesk)