Source: CoinDesk
Compiled by: Weilin, PANews
Confirmed by informed sources, court documents submitted in Hong Kong show that Justin Sun came to the rescue of TrueUSD, a stablecoin under Techteryx, after nearly $500 million in reserve funds became illiquid. 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 documents prepared by the US law firm Cahill Gordon & Reindel, FDT was instructed to invest stablecoin reserves in the Cayman Islands-registered Aria Commodity Finance Fund (Aria CFF). However, court documents state that approximately $456 million was improperly diverted to an unauthorized independent entity, Aria Commodities DMCC, located in Dubai. Court documents show that Matthew Brittain controlled the Aria Commodity Finance Fund (Aria CFF) through Aria Capital Management Ltd, while Cecilia Brittain was the sole shareholder of the independent Dubai-based entity Aria Commodities DMCC. An audit report by Moore CPA Limited showed that as of November 2024, FDT managed $501 million in TrueUSD reserves. The Hong Kong court documents further revealed that First Digital's CEO Vincent Chok was accused of transferring approximately $15.5 million in undisclosed commissions to an entity called "Glass Door" and providing an unauthorized trade finance loan of about $15 million to Aria DMCC, which was retroactively misclassified as a legitimate fund investment. According to court documents, Justin Sun provided emergency liquidity support for TUSD during this period, structured as a loan. The court documents also stated that despite having no funds available, the Techteryx team isolated 400 million TUSD to ensure retail users could still redeem tokens normally without impact. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and details.]
