Key Takeaways
- TUSD issuer Techteryx is involved in a legal dispute over the stablecoin’s reserves.
- Techteryx has accused First Digital and other firms of misappropriating TUSD reserves.
- Justin Sun, who has ties to Techteryx, has described a “global scam network” behind the dispute.
Tron founder Justin Sun has spoken out regarding a legal dispute over $500 million of stablecoin reserves.
Speaking on Thursday, Sun accused a “global scam group” consisting of Aria, First Digital Trust, Lexi Trust, and Finacorp, of misappropriating TrueUSD (TUSD) reserves.
TUSD’s Cursed Reserves
TUSD’s troubles started in 2023, when the stablecoin’s original reserve custodian, Prime Trust, collapsed, exposing accounting inconsistencies.
Reserve assets were then transferred to First Digital Trust, but by early 2025, TUSD issuer Techteryx was embroiled in a legal dispute with its new custodian.
In April, reports that Techteryx was unable to access assets First Digital had transferred to a Dubai-based fund associated with Aria threatened to undermine confidence in TUSD.
Earlier this year, wallets linked to Sun began buying millions of dollars’ worth of TUSD, propelling the stablecoin up as the legal dispute between Techteryx and First Digital escalated.
Although Techteryx’s exact ownership structure is opaque, many consider Sun to be its beneficial owner.
Aria and First Digital Accused of Fraud
At a press conference on Thursday, Sun confirmed that he injected “nearly $500 million” to keep TUSD from depegging.
Describing the legal dispute, Sun accused Aria and First Digital of fraud.
In his account, he said that First Digital, Aria, and other parties to the arrangement misled the TUSD issuer and channeled reserve funds into risky investments rather than low-risk, liquid assets.
As Techteryx pushes to reclaim control of the contested reserves, in September, a Dubai court issued an injunction freezing $456 million of assets held by Aria Commodities.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
