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

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Dubai Court Freezes $456M Linked to Justin Sun’s Bailout of TrueUSD Issuer Techteryx Dubai’s Digital Economy Court said there was compelling evidence of a breach of trust and ordered a worldwide freeze to protect the assets. By Sam Reynolds | Edited by Aoyon Ashraf , Nikhilesh De Nov 12, 2025, 7:20 p.m. 100 dollar bill on table (Live Richer/Unsplash/Modified by CoinDesk) The $456 million reserve shortfall that forced Justin Sun to bail out the token holders of the TrueUSD stablecoin is now the subject of a worldwide freezing order upheld by Dubai’s Digital Economy Court. The dispute centers on whether funds from TrueUSD’s reserves were improperly funneled into Aria Commodities DMCC, a Dubai-based trade-finance firm that financed commodity shipments, mining projects and other illiquid ventures across emerging markets, according to the claimant's counsel . STORY CONTINUES BELOW Don't miss another story. Subscribe to the State of Crypto Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Aria, part of a group of entities controlled by financier Matthew William Brittain, received the money in 2021 and 2022 through accounts managed by Hong Kong trustee First Digital Trust. First Digital Trust did not immediately respond to a request for comment from CoinDesk. Techteryx claims those transfers breached its custody terms and turned cash reserves into long-term loans and private deals that could not be redeemed when stablecoin holders sought withdrawals. In prior comments to CoinDesk, Aria Group's Matthew Brittain said issues of liquidity were more of a matter of term commitments. “ARIA CFF has never held [its] strategy out as highly liquid, or appropriate for the reserves of a stablecoin,” he previously told CoinDesk. In his ruling , dated Oct. 17, 2025, Justice Michael Black KC said Techteryx had shown “serious issues to be tried” and that the funds should be frozen to prevent them from being moved or concealed before Hong Kong courts could determine ownership. Black said he found that Techteryx had demonstrated a credible claim that the funds were held on constructive trust, while Aria had provided “no evidence” of how the money was transferred or who owned the assets purchased with it. He also cited a “real risk” that Brittain, Aria’s controlling mind, could dissipate or restructure assets “to frustrate the enforcement of any judgment.” The ruling marks the first worldwide freezing order issued by Dubai’s Digital Economy Court. More For You OwlTing: Stablecoin Infrastructure for the Future By CoinDesk Research Oct 16, 2025 Commissioned by OwlTing Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent. View Full Report More For You Brazil Proposes Selling Seized Bitcoin to Undercut Organized Crime Networks By Francisco Rodrigues , AI Boost | Edited by Sheldon Reback 2 hours ago The proposed law, part of the "anti-faction bill", would treat cryptocurrencies like foreign currencies and financial securities. What to know : The Brazilian government proposed a law to allow the sale of seized cryptocurrencies, such as bitcoin, to dismantle the financial infrastructure of organized crime groups. The proposed law, part of the "anti-faction bill", would treat cryptocurrencies like foreign currencies and financial securities. The move is part of a broader crackdown on organized crime in Brazil, and comes as the country's central bank is implementing new regulations requiring crypto companies to be licensed and hold capital reserves. Read full story Latest Crypto News Solana Drops 4.9% Breaking Below Key Support as Alameda Unlocks Continue 1 hour ago Bitcoin Plunges Below $102K Amid Weak U.S. Demand, Fed Divided on December Cut 1 hour ago Stellar's XLM Trades in Tight Range as Traders Exhibit Uncertainty 1 hour ago HBAR Drops 0.6% to $0.18 Amid Indecisive Trading Session 2 hours ago BONK Falls 5% to $0.00001223 After Rejection at Key Resistance 2 hours ago Sui Launches Native Stablecoin USDsui Using Bridge’s Open Issuance Platform 2 hours ago Top Stories Bitcoin Plunges Below $102K Amid Weak U.S. Demand, Fed Divided on December Cut 1 hour ago U.S. SEC Chief Atkins Says Clarity Coming on Crypto Tied to Investment Contracts 3 hours ago New Strike Force Set to Target Overseas 'Pig Butchering' as U.S. Hits Burma Operation 2 hours ago Sui Launches Native Stablecoin USDsui Using Bridge’s Open Issuance Platform 2 hours ago Key Bitcoin Capitulation Metric Points to Bottoming in Price 6 hours ago Crypto Markets Today: Privacy Tokens Shine, Majors Stall as Market Consolidates 7 hours ago