YEREVAN (CoinChapter.com) — Justin Sun gave emergency financial support to stabilize the TUSD stablecoin, according to court documents from Hong Kong.
Justin Sun, the CEO of Tron, provided emergency financial support to help stabilize the TUSD stablecoin, according to court documents seen by CoinChapter.com in Hong Kong.
The funding came after $456 million in TUSD reserves were allegedly redirected without approval to Aria Commodities DMCC, a Dubai-based trade finance company, as part of a broader investment strategy.
The documents stated that First Digital Trust was supposed to manage the reserves and make capital contributions to Techteryx, the firm that acquired TUSD in December 2020. However, the court filings claimed that First Digital Trust sent the funds to Aria Commodities DMCC instead of the approved Aria CFF, based in the Cayman Islands. Both companies are connected to Matthew Brittain and Cecilia Brittain.
Techteryx Faced Issues With TUSD Stablecoin Redemptions
Techteryx faced difficulties when trying to redeem funds from Aria Commodities DMCC, which were meant for the Techteryx entities and flowed through First Digital Trust. The aim was to use the redeemed TUSD for regular user redemptions.
The apex of the financial pyramid was supposed to be Techteryx, with its shares in the lower tier flowing through to First Digital Trust, which in turn held the TUSD reserves in lower tiers with direct claims on the stablecoin.
However, Tech '/')
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