Dubai court freezes $456 million assets related to Justin Sun's rescue of TrueUSD issuer

ChainCatcher reports that, according to CoinDesk, the Dubai Digital Economy Court issued a global freeze order, freezing $456 million in assets related to Justin Sun’s rescue of TrueUSD stablecoin issuer Techteryx. The court found concrete evidence of breach of trust and ordered the global freeze to protect the assets. The controversy centers on whether TrueUSD reserve funds were improperly transferred to Dubai-based trade finance company Aria Commodities DMCC, which provides financing for emerging market bulk commodity transportation, mining projects, and other illiquid investments. Techteryx claims these transfers violated escrow terms, converting cash reserves into long-term loans and private transactions, preventing stablecoin holders from redeeming normally. Judge Michael Black KC stated in his October 17 ruling that Techteryx has demonstrated “serious issues in dispute,” and the funds should be frozen to prevent transfer or concealment before ownership is determined by Hong Kong courts.