Dubai Court Freezes $456M in TrueUSD Stablecoin Case

On November twelfth, a significant legal development unfolded in the world of cryptocurrency, specifically concerning the TrueUSD stablecoin. A judge in the Dubai International Financial Centre ordered the continuation of a worldwide freeze on assets totaling four hundred fifty-six million dollars, connected to the bailout of TrueUSDs reserves by Tron founder Justin Sun. This order was issued by H.E. Justice Michael Black of the Dubai Digital Economy Court, prohibiting Aria DMCC from moving any of its assets from Dubai up to the value of four hundred fifty-six million dollars and preventing it from dealing with or diminishing any cash or assets up to that same amount. The legal proceedings stem from a July hearing involving Techteryx Limited, the company that acquired TrueUSD in two thousand twenty, and several defendants including Aria Commodities DMCC and various banks. Techteryx was reportedly unable to redeem full reserve funds for the stablecoin between two thousand twenty-two and two thousand twenty-three, with four hundred fifty-six million dollars of these reserves allegedly diverted to Aria DMCC instead of the intended Cayman Islands-based fund. The worldwide freeze and injunction against Aria DMCC will remain in effect until the court issues a further order, highlighting the complexities and challenges within the digital asset space.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.