The tables are turning for Justin Sun. The controversial entrepreneur behind Tron and holder of several stablecoins is once again facing trouble. Dubai’s Court of Digital Economy has just ordered a worldwide freeze of $456 million, citing ‘compelling evidence’ of a breach of trust in managing TrueUSD (TUSD) reserves.
The TrueUSD Stablecoin at the Heart of a Scandal
The case dates back to a liquidity crisis that forced Justin Sun to urgently bail out TrueUSD, a stablecoin meant to be pegged 1:1 to the dollar. The massive reserve failure is now central to an international dispute.
According to Techteryx’s lawyers, the issuer of TUSD, some of the funds meant to secure the stablecoin were diverted to Aria Commodities DMCC, a Dubai-based company specializing in financing risky commodities and mining projects. In other words, the money meant to secure users was used to fund illiquid investments in emerging markets.
Funds Vanished Between Hong Kong and Dubai
Suspicious transfers made between 2021 and 2022 went through First Digital Trust, a Hong Kong trustee responsible for safekeeping reserves. The problem arose when TUSD holders tried to exchange their tokens for cash – the funds were no longer available.
Techteryx claims these movements violated custody terms, transforming immediately mobilizable liquidity into long-term private loans. An explosive situation for a stablecoin that relies on trust and stability by definition.
A Financier Under Surveillance
Behind Aria Commodities is Matthew William Brittain, a British financier known for his complex setups via the Aria group. In a previous statement, Brittain admitted that his fund was ‘never meant to be highly liquid’, a consequential confession for an asset meant to secure a stablecoin.
Judge Michael Black KC, in his October 17, 2025 decision, deemed Techteryx had ‘serious grounds for complaint’. He also noted that Aria had provided ‘no tangible evidence’ explaining how the funds were transferred, or who held the assets purchased with that money.
World’s First for Dubai’s Justice
The court thus ordered a global freeze of assets to prevent Brittain from moving or restructuring his assets before a Hong Kong court definitively resolves the question of fund ownership.
This decision marks a historic first for Dubai’s Court of Digital Economy, recently established to handle disputes related to digital finance and crypto assets. It also confirms the emirate’s desire to position itself as a central player in global regulation of crypto finances.
