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- Zafar Naik
Zafar Naik
- Reviewed by:
Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 27, 2025 10:30 UTC
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Justin Sun Details New Progress in $456M TUSD Fraud After Worldwide Asset Freeze
Justin Sun announced a key legal breakthrough in the $456M TUSD reserve case.
A Dubai court has issued a worldwide freeze tied to the disputed funds.
Cross-border investigations and recovery efforts are now accelerating.
Justin Sun held a media briefing in Hong Kong today, offering his clearest update yet on the ongoing effort to recover $456 million in missing TUSD reserves.
The case just reached a major legal milestone, and Sun made sure the public heard it directly from him.
DIFC Court Issues Worldwide Freeze on TUSD Reserve Assets
Sun confirmed that the Dubai International Financial Centre Court has imposed an indefinite global asset freeze on Aria Commodities DMCC, the company linked to the alleged misappropriation. The order, issued on October 17, blocks any movement of the disputed funds and applies across jurisdictions.
“I want to extend my sincere thanks to the DIFC Courts and its Digital Economy Court for this fair and resolute ruling,” Sun told reporters. “We’re actively tracing the missing funds around the globe, with the goal of full recovery and restitution of all reserve assets.”
He also echoed the line: “Justice may be delayed, but it will never be denied.”
How the $456M Went Missing
Quick walk-through of how the fraud allegedly unfolded.
After Techteryx acquired TUSD in 2020, TrueCoin – the original operator – continued managing reserves. Between 2021 and 2022, TrueCoin, First Digital Trust (FDT), Legacy Trust, and offshore entities tied to Matthew Brittain allegedly worked together to create forged documents, submit misleading filings, and move reserves out of regulated custody.
The funds were ultimately sent to bank accounts belonging to Aria DMCC, a Dubai company owned by Brittain’s spouse. According to released information, FDT CEO Vincent Chok not only approved these transfers but directed funds into private accounts in exchange for undisclosed kickbacks.
The U.S. SEC later accused TrueCoin of misleading investors about the safety of TUSD’s reserves, exposing deeper operational issues.
What Comes Next
With the freeze order now active, the case is entering a new phase. Legal actions in Hong Kong, Dubai, the Cayman Islands and other regions are expected to ramp up, with more evidence and additional recovery steps underway.
Sun said the priority remains “full recovery and restitution” of TUSD’s reserves.
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FAQs
Court documents and ongoing investigations point to former TrueCoin executives, First Digital Trust’s CEO Vincent Chok, and Matthew Brittain’s related entities, including Aria Commodities DMCC in Dubai.
Justin Sun has repeatedly stated that current TUSD is fully backed 1:1 and that the missing reserves relate to the pre-2023 legacy period. Independent attestations continue to show full backing for circulating supply today.
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