The $456 million reserves deficit that forced Justin Sun to bail out token holders of the stablecoin TrueUSD is now the subject of a global freezing order upheld by the Dubai Digital Economy Court.
The dispute centers on whether funds from TrueUSD’s reserves were improperly funneled to Aria Commodities DMCC, a Dubai-based trade finance company that financed commodity shipments, mining projects and other illiquid projects in emerging markets, according to the plaintiff’s attorney.
Aria, part of a group of entities controlled by financier Matthew William Brittain, received the money in 2021 and 2022 through accounts managed by Hong Kong trustee First Digital Trust.
First Digital Trust did not immediately respond to a request for comment from CoinDesk.
Techteryx claims these transfers violated its custody terms and turned liquidity reserves into long-term loans and private transactions that could not be repaid when stablecoin holders sought to exit.
In previous comments to CoinDesk, Aria Group’s Matthew Brittain said liquidity issues were more about futures commitments.
“ARIA CFF has never held [its] strategy is considered very liquid or suitable for a stablecoin’s reserves,” he previously told CoinDesk.
In his October 17, 2025 ruling, Justice Michael Black KC said Techteryx had demonstrated “serious issues to adjudicate” and that the funds should be frozen to prevent them from being moved or hidden before the Hong Kong courts could determine ownership.
Black said he believed Techteryx had demonstrated a credible claim that the funds were held under a constructive trust, while Aria had provided “no evidence” of how the money was transferred or who owned the assets purchased with it.
He also cited a “real risk” that Brittain, Aria’s controlling mind, could dissipate or restructure its assets “to thwart enforcement of a judgment.”
This is the world’s first freezing order issued by the Dubai Digital Economy Court.
