Justin Sun saved Techteryx’s Trueusd StableCoin after nearly half a billion dollars of its reserves were reproduced illique, people close to the case confirmed, and StableCoin issuer Said in Hong Kong Court documents.

After acquiring Trueusd from Truecoin in December 2020, Techteryx appointed First Digital Trust (FDT), a Hong Kong-based Fiduciary, to control its stableecoin reserves.

According to documents prepared by US law firm Cahill Gordon & Reindel, the FDT was asked to invest the reserves in Aria Commodity Finance Fund (Aria CFF), a Cayman Islands-registered vehicle. However, court registrations claim that approx. $ 456 million instead was wrongly redirected to Aria Commodities DMCC, a separate, unauthorized unit based in Dubai.

The Court documents identify Matthew Brittain as a control of Aria Commodity Finance Fund (Aria CFF) through Aria Capital Management LTD and Cecilia Brittain as the only shareholder of the separately owned Dubai-based unit Aria Commodities DMCC.

However, E emails from Arias Matthew Brittan are signed with an address in Dubai.

The court’s documents say Cecilia is Matteus’s wife.

Aria DMCC deals with trade financing, asset development and raw material trade, while Aria CFF is financing raw material dealers, including Aria DMCC and third parties, according to Matthew Brittain, who described the relationship between the two companies in an E email to Coindesk.

Certificates produced by Moore CPA Limited show that FDT managed $ 501 million of the Trueusd’s reserves in November 2024.

Hong Kong Law also says that Vincent Chok, First Digital’s CEO, reportedly instructed about $ 15.5 million in non -reveled commissions to a unit called “glass door” and structured separate $ 15 million in unauthorized trade financing loans from FDT to ARIA DMCC, later retroactive mischaracterization of them as legitimate funds in actions in actions, Described as fraudulent erroneous errors and erroneous wrongdoing and misunderstanding and misunderstanding and erroneous and erroneous abuse.

“The transfers to Aria DMCC were obvious abuse and money anchoring,” says a statement of claim. “They were made without knowledge, permission or approval by the applicant.”

These statements have not been tried in court from press time.

Aria DMCC invested funds in global projects as they described As relatively illiquid, such as manufacturing systems, mining, maritime vessels, port infrastructure and renewable energy.

When Techteryx tried to redeem its investments from Aria CFF between mid-mid-2022 and early 202.3, it received little or no funds left, with Aria units that allegedly breached payments and not to fulfill requests for redemption, the court said.

Techteryx then took full operational control over TUMD in July 2023 and completed Truecoin’s commitment. As part of a transitional period after the sale in December 2020, Truecoin continued to run the daily operations of TUMD.

According to judicial archives, Sun entered around this time to provide emergency liquidity support that was structured as a loan.

The TechTeryx team then quantinated 400 million thousand so that the retail redemptions could continue and the token holders would not be affected, despite the stablecoin empty boxes, the courts say.

First Digital says it followed Techteryx’s instructions

In response to a request for comment from Coindesk, First Digital’s shock categorically refused any wrongdoing or participation in fake schemes.

Shock told Coindesk that First Digital Trust acted strictly as a fiduciary intermediary and carried out transactions precisely according to instructions from Techteryx and its representatives. He claimed that his company was not responsible for independently evaluating or advising on these investment decisions.

“It is our understanding that one of the most important blockers expressed by Aria for early redemptions of funds (as requested by Techteryx) has been their AML/KYC concerns regarding the agreement between Truecoin and Techteryx, and the true identity of the ultimate beneficial owner of Techteryx, That no one was called in the event that they have nothing that was the owner of Arialic.

“We have not yet had the opportunity to fully defend us,” a shock said in an e -mail to Coindesk. “We are fully obliged to clarify these issues over time as the legal and arbitration process continues.”

Aria Group’s Matthew Brittain told Coindesk that he “completely rejects Techteryx’s claims against Aria DMCC and all related units,” added that “a number of false accusations were made in the trial.”

Techteryx was fully aware of expressed obligations, Brittain said, and these were outlined in contracts that subscribers have agreed when investing in Aria CFF, which is clearly described in the offer memorandum.

Brittain also repeated shocks concern about Techteryx’s advantageous ownership and pointed to the Wall Street Journal coverage of the subject.

Hong Kong Writ identifies Li Jinmei as the ultimate beneficial owner of Techteryx. A techteryx spokesman confirmed that this is not the same person as Jennifer Yiyang – the former ultimate beneficial owner of the business – despite some media reporting to the opposite.

“The subscriber has not solved these problems,” Brittain continued, referring to the advantageous ownership problems.

Prime Trust’s collapse and SEC -settlement links challenges

While this was happening, Tusd’s challenges continued in the form of a collapsing bank partner and regulatory control in the United States

By mid-2023, the Prime Trust, an independent crypto depot based in Nevada, which is not associated with this case, but used for his Fiat ramps, put into the recipient of state regulators.

State regulators who claimed that Prime Trust had incorrectly used customer funds to cover requests for withdrawal, which raised serious concerns about its financial stability.

Court registrations from Nevada showed that the most important confidence owed about $ 85 million in Fiat obligations with only approx. $ 3 million available.

This was not the last headache for the stableecoin emitter.

In September 2024, Truecoin and Trusttoken (stableecoin’s owners settled before Techteryx) with SEC over accusations that they mistakenly marketed Trueusd as fully dollar-backed, while secretly investing reserves in risky offshore funds.

Without admitting wrongdoing or detailed the nature of their offshore investments with ARIA’s companies, both Truecoin and Trustoken agreed to pay civilian sanctions and Disgorge surpluses worth just over $ 500,000 to resolve fraud and unregistered securities.

On his part, Arias Brittain said that investment in Aria was not the right step to begin with for a stableecoin reserves.

“Aria cff has never had [its] Strategy out as very fluent or appropriate for the reserves of a stableecoin, ”he said in an e -mail.