Key Highlights
- Around $500 million in TUSD reserves were allegedly misappropriated by Aria, FDT, Legacy Trust, and multiple individuals, according to Justin Sun.
- The DIFC Courts issued a worldwide freezing order to stop the stolen funds from being moved.
- Sun says TUSD reserves are now fully backed, and efforts to recover all assets continue.
TRON founder Justin Sun has shared new updates expanding on his claims about the misconduct involving the reserve assets backing the TrueUSD stablecoin, saying the case has entered a more serious phase than many people first thought.
In a long post on X, Sun alleged that multiple companies and individuals moved millions of dollars in TUSD reserve money without permission. He said they created false papers to cover their tracks, and pushed the funds into long-term and illiquid deals that he said were never approved. The situation became public in April this year, when Sun launched a bailout plan to protect public holders and cover a liquidity gap of about $500 million using his own resources.
How the trouble started
According to Sun, the problems began after Techteryx, the issuer of TUSD, acquired the TrueUSD stablecoin in 2020 and took over management of its reserve funds. Soon after, Techteryx noticed irregularities in the reserve accounts, which led to suspicions that some funds had been moved without proper authorization.
In April 2025, Justin Sun first publicly disclosed a liquidity shortfall of about $500 million in TUSD reserves. He said the shortfall was not due to mismanagement of TUSD operations but was the result of alleged fraudulent activities.
He said evidence soon pointed to Aria Commodities DMCC, First Digital Trust, Legacy Trust, Finaport, Truecoin, and key individuals who allegedly worked together to remove funds through misleading claims and fabricated investment documents. Subsequently, Techteryx filed lawsuits in several regions, including the Dubai International Financial Centre, to trace the funds and force disclosure.
DIFC worldwide freeze
On October 17, 2025, the DIFC Courts issued a worldwide freezing order, which Sun described as a major step because it blocks Aria Commodities DMCC and related parties from moving assets linked to the dispute while courts in Hong Kong assess the underlying claims.
Court records indicate that the missing funds were sent into long, locked-up deals that were hard to redeem, including commodity trades, energy plans, and infrastructure projects that did not match the safe and short-term standards expected for stablecoin reserves. The judge also said there was a real chance that some people involved could hide assets.
New evidence, secret payments, and ongoing denials
Sun also said new evidence tied nearly $14 million in secret payments to a Hong Kong company called Glass Door Limited, which he claimed played a hidden role in steering TUSD reserves toward Aria.
He linked the company to Yai Sukonthabhund, who he said worked closely with others in the scheme. Sun accused Vincent Chok, the CEO of First Digital Trust and Legacy Trust, of helping move the funds and later trying to hide the transfers.
“My message to Vincent Chok, is loud and clear: We know what you did – your blatant collusion with the Aria fraudsters represents an audacious challenge to Hong Kong’s standing as a global financial center,“ Sun wrote in an X post.
Chok had denied the allegations, saying FDT only followed instructions. He added that the company is suing Sun for defamation.
Sun concluded by saying the team is still tracking the missing money and thanked the DIFC Courts for their ruling. He said TUSD is now fully backed and that the goal is to recover all assets and bring everyone involved to justice.
Also Read: Tether Freezes $5M in USDT Again, Fueling Decentralization Debate
