Justin Sun Updates on $456M TUSD Fraud Case After Global Asset Freeze

Justin Sun, founder of Tron, held a media briefing in Hong Kong to provide a detailed update on the ongoing effort to recover $456 million in missing TrueUSD (TUSD) reserves. The case has reached a significant legal milestone with the Dubai International Financial Centre (DIFC) Court imposing an indefinite worldwide asset freeze on Aria Commodities DMCC, the company allegedly involved in the misappropriation.

The freeze order, issued on October 17, blocks any movement of the disputed funds and applies across jurisdictions. Sun expressed gratitude, stating, "I want to extend my sincere thanks to the DIFC Courts and its Digital Economy Court for this fair and resolute ruling." He emphasized the goal of full recovery and restitution of all reserve assets, adding, "Justice may be delayed, but it will never be denied."

The fraud allegedly unfolded after Techteryx acquired TUSD in 2020, with TrueCoin—the original operator—continuing to manage reserves. Between 2021 and 2022, TrueCoin, First Digital Trust (FDT), Legacy Trust, and offshore entities tied to Matthew Brittain collaborated to create forged documents, submit misleading filings, and move reserves out of regulated custody. Funds were ultimately sent to bank accounts of Aria DMCC, owned by Brittain's spouse, with FDT CEO Vincent Chok allegedly approving transfers in exchange for undisclosed kickbacks.

The U.S. Securities and Exchange Commission (SEC) has accused TrueCoin of misleading investors about TUSD's reserve safety. With the freeze active, legal actions are expected to intensify in Hong Kong, Dubai, the Cayman Islands, and other regions, focusing on evidence gathering and recovery steps.