TechFlow news, April 3 — In an interview with Hong Kong media Sing Tao Headline, Justin Sun stated that Techteryx Ltd. is not under his ownership. He expressed shock when first learning of the incident and said he did not understand how large sums of money could be transferred overseas without client authorization. He explained that TUSD has 5 million users globally, and if TUSD were found to be unredeemable in cash, it would trigger a major financial crisis.
Sing Tao Headline reported that investment firm Techteryx Ltd. has filed a lawsuit at the Hong Kong High Court, accusing Hong Kong-based digital asset custodian First Digital Trust (FDT) of allegedly defrauding $500 million in reserve funds.
According to the court documents, after Techteryx acquired the TUSD business in December 2020, it entrusted FDT with $500 million in reserve funds. Without authorization, at least $456 million was transferred to Aria DMCC, an offshore private company based in Dubai, as unsecured loans. The account is held by the spouse of Matthew William Brittain, a Cayman Islands-based fund manager. The Cayman fund has since rejected Techteryx's redemption requests.
