Mars Finance News, after acquiring TrueUSD from TrueCoin in December 2020, Techteryx appointed Hong Kong-based trustee First Digital Trust (FDT) to manage its stablecoin reserves. According to Hong Kong court documents, after Techteryx's nearly $500 million reserves became illiquid, Justin Sun stepped in to rescue the company's TrueUSD stablecoin. Based on documents prepared by the US law firm Cahill Gordon & Reindel, FDT was instructed to invest the reserve funds in the Cayman Islands-registered Aria Commodity Finance Fund (Aria CFF). However, court documents state that approximately $456 million was improperly transferred to an independent, unauthorized entity in Dubai called Aria Commodities DMCC. (CoinDesk)
Justin Sun rescues TUSD but Techteryx suffers fraud, leaving stablecoin reserves trapped in illiquid investments made without its permission
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