Justin Sun rescues TUSD but Techteryx suffers fraud, leaving stablecoin reserves trapped in illiquid investments made without its permission

CoinRank News: After acquiring TrueUSD from TrueCoin in December 2020, Techteryx appointed Hong Kong-based trustee First Digital Trust (FDT) to manage its stablecoin reserves. According to Hong Kong court documents, Justin Sun stepped in to rescue the companys TrueUSD stablecoin after Techteryxs nearly $500 million reserves became illiquid. According to documents prepared by U.S. law firm Cahill Gordon Reindel, FDT was instructed to invest the reserves in Aria Commodity Finance Fund (Aria CFF), which is registered in the Cayman Islands. However, court documents allege that approximately $456 million was improperly transferred to Aria Commodities DMCC, an independent, unauthorized entity based in Dubai. (CoinDesk)