Yerevan (coinco -chapter.com) – According to court documents from Hong Kong, Justin Sun has supported the financial support for the financial support of TUSD Stablecoin. The financing was carried out after $ 456 million in TUSD reserves allegedly without permission to Aria Commodities DMCC, a trade financial company based in Dubai, was redirected.
The documents show that First Digital Trust, which should manage the reserves, relocated to the Aria raw materials DMCC as an alternative of the approved ARIA CFF, which is predicated on the Cayman Islands. Both corporations are connected to Matthew Brittain and Cecilia Brittain.
Techteryx Legal steps against Vincent Chok and Yai Sukonthabund via TUSD reserves mismanagement. Source: Hong Kong High Court
Techteryx, the corporate that TUSD acquired in December 2020, said the move caused a liquidity crisis. The redirection of reserves into raw material and energy projects – as an illiquid – made it difficult to fulfill redemption inquiries.
Techteryx was confronted with TUSD StableCoin with redemption problems
Between mid -2022 and early 2023, TechTeryx tried to redeem agents, but confronted delays and failures. The company said this failure got here from Aria Commodities DMCC, which held the redirected TUSD reserves.
According to court files, the investments didn’t match the agreed plan. TechTeryx also claimed that the transactions had never allowed and the payments to external corporations, including non -authorized glass door, called.
The legal criticism states that the primary digital trust failed in its role by sending funds to an organization outside of the unique plan. The documents also indicate missed returns that caused a direct threat to the PEG of the TUSD stable coin.
The situation deteriorated by mid -2023. Techteryx then asked Justin Sun for help. He provided emergency financing in the shape of a loan. TechTeryx helped this support to isolate 400 million US dollars on TUSD reserves and to separate them from the troubled assets.
The quarantine made it possible to do the user frequently. Although Justin Sun had previously distanced himself from Stablecoin, the court files show that he took part within the rescue. In July 2023, TechTeryx officially took over full control over Tusd StableCoin operations. The role of Truecoin, the unique manager, ended during this transition.
Trueusd confirms the entire ownership transfer to TechTeryx, including miles and returns. Source: Truusd on X
Stablecoin units certain with the Brittain family
The submissions call Matthew Brittain as an individual behind Aria CFF, who works through Aria Capital Management. His wife Cecilia Brittain is listed as the only owner of the Aria Commodities DMCC.
Although the businesses appear individually, the documents propose financial connections. A note within the submissions shows Matthew Brittain, who confirms that the 2 corporations were tied together. These relationships became vital when the court tried to pursue the trail of the TUSD reserves. The documents state that several payments from Aria failed, which increased the pressure on Techteryx and the support weakened behind the TuSD StableCoin.
Vincent Chok, CEO of First Digital Trust, contested misconduct. He said that the corporate acted in his trust obligations and received all instructions. Matthew Brittain also contested any misconduct. He said all of the transfers and measures taken were inside the framework of the agreements made with Techteryx.
Despite these claims, TUSD StableCoin recorded a lack of market trust. In January 2024 the stable coin fell below $ 1. Reports linked the decline in whale sales and chain activities.
Binance removes Tusd StableCoin from the stakers program
After the worth deviation, Binance removed the Tusd StableCoin from his setting program for Manta. This happened shortly after the stable coin lost its dollar peg.
The court hearings are continued in Hong Kong, since Techteryx receives claims of abused agents, non -authorized transactions and failed redemption in reference to ARIA raw materials DMCC, First Digital Trust and related parties.
