The Dubai Digital Economy Court has frozen $456 million connected to the issuer of the stablecoin TrueUSD (TUSD), Techteryx, following allegations of breach of trust. The ruling was secured by the law firm Al Tamimi, acting on behalf of Techteryx.
The dispute centers on whether funds from TUSD’s reserves were improperly transferred to the Dubai-based company Aria Commodities DMCC. Allegations include misappropriation of assets and breach of fiduciary duty, according to Al Tamimi.
According to CoinDesk, Techteryx claims these transfers violated custodial agreements, turning cash reserves into long-term loans and private arrangements that could not be repaid when TUSD holders sought withdrawals.
Reports indicate that Aria received the funds in 2021 and 2022 through accounts managed by Hong Kong-based trustee, First Digital Trust.
“The court determined that the $456 million moved from reserves was held in Techteryx’s trust and was redirected in violation of its terms. Convincing evidence of actual risk of loss was presented, and the court ordered disclosure of further details within criminal proceedings to trace the funds and identify ultimate beneficiaries,” Al Tamimi stated.
This development follows Justin Sun’s April 2025 acknowledgment of First Digital’s lawsuit concerning the $456 million linked to TUSD.
