TechFlow news, November 13 — According to CoinDesk, the Dubai Digital Economy Court has issued a global freezing order on $456 million in assets linked to Justin Sun's efforts to rescue Techteryx, the issuer of the TrueUSD stablecoin. The court found clear evidence of breach of trust and ordered the freeze to protect the assets.
The dispute centers on whether TrueUSD reserve funds were improperly transferred to Aria Commodities DMCC, a Dubai-based trade finance firm that provides financing for illiquid investments such as commodity shipments and mining projects in emerging markets. Techteryx claims these transfers violated escrow terms by converting cash reserves into long-term loans and private deals, preventing stablecoin holders from redeeming their holdings normally.
In a ruling on October 17, Judge Michael Black KC stated that Techteryx had demonstrated "serious issues to be tried," and that the funds should be frozen to prevent their transfer or concealment before Hong Kong courts determine ownership.
