A Dubai International Financial Centre (DIFC) judge has ordered the continuation of an injunction and a worldwide freeze on $456 million worth of assets connected to Tron founder Justin Sun’s bailout of the TrueUSD stablecoin reserves.

H. E. Justice Michael Black, the DIFC judge overseeing the Dubai Digital Economy Court (DEC), issued the order in an amended judgment on October 17.

“I direct that the following injunctions shall remain continued until further order of the Court: a worldwide freezing injunction, prohibiting the First Defendant [Aria DMCC] from removing from Dubai any of its assets which are in Dubai up to the value of USD 456,000,000,” Justice Black stated.

The judge also imposed a proprietary injunction that prohibits Aria DMCC from disposing of, dealing with, or diminishing any cash or assets up to the $456 million transferred.

This judgment stems from a July hearing involving the claimant Techteryx Ltd, and the defendants Aria Commodities DMCC, Mashreq Bank PSC, Emirates NBD Bank PJSC, and Abu Dhabi Islamic Bank PJSC.

Techteryx, which acquired the TrueUSD dollar-backed stablecoin in 2020, was unable to redeem the full reserve funds—which were managed by First Digital Trust—between 2022 and 2023.

Instead, the reserve funds were allegedly diverted to the defendant Aria DMCC by First Digital Trust, rather than being sent to the Cayman Islands-based fund from which Techteryx was redeeming reserves.

According to Techteryx’s counsel Al Tamimi & Co, “Those reserves were custodied in Hong Kong and, between May 2021 and March 2022, approximately USD 468 million was purportedly invested into the Aria Commodity Finance Fund, a Cayman Islands fund. In practice, USD 456 million of those sums were remitted directly to Aria Commodities DMCC in Dubai, rather than to the Cayman fund, giving rise to proprietary and personal claims including breach of trust and knowing receipt.”

This reserve shortfall was eventually filled or “bailed out” by Justin Sun, who is listed as an alleged ultimate beneficial owner of Techteryx in the court filings.

The worldwide freeze order and injunction against Aria DMCC will remain in effect until further court orders are issued.
https://bitcoinethereumnews.com/tech/dubai-court-issues-worldwide-freeze-of-456-million-tied-to-justin-suns-stablecoin-bailout/