The $456 million reserve shortfall that forced Justin Sun to bail out TrueUSD stablecoin token holders is now the subject of a global freeze order confirmed by the Dubai Digital Economy Court.
The dispute centers on whether funds from TrueUSD reserves were improperly funneled to Aria Commodities DMCC, a Dubai-based trade finance firm that financed commodity shipments, mining projects and other illiquid ventures in emerging markets, according to the plaintiff’s lawyer.
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 that those transfers violated its escrow terms and converted cash reserves into long-term loans and private agreements that could not be redeemed when stablecoin holders sought withdrawals.
In previous comments to CoinDesk, Aria Group’s Matthew Brittain said the liquidity issues were more a matter of forward commitments.
“ARIA CFF has never celebrated [its] strategy as highly liquid or appropriate for stablecoin reserves,” he previously told CoinDesk.
In his ruling, dated October 17, 2025, Judge Michael Black KC said Techteryx had shown “serious issues that must be adjudicated” and that the funds should be frozen to prevent them from being transferred or hidden before Hong Kong courts can determine ownership.
Black said he found that Techteryx had demonstrated a credible claim that the funds were held in 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 assets “to thwart the execution of any sentence.”
The ruling marks the first global freezing order issued by Dubai’s Digital Economy Court.
