Justin Sun escalates $456M TUSD dispute in Hong Kong address

Justin Sun, in a media briefing he held in Hong Kong titled “Truth Unveiled, Justice Revealed,” has shared an update on the ongoing effort to recover $456 million in missing TUSD reserves. 

The update came after the Dubai International Financial Centre (DIFC) Court issued an indefinite worldwide asset freeze on Aria Commodities DMCC and related entities, the first global freeze in the case.

Justin Sun continues to campaign for justice

The order, issued by the Dubai International Financial Centre Court on October 17, blocks any movement of the disputed funds and applies across jurisdictions.

Sun has praised the DIFC Courts and its Digital Economy Court for its “fair and resolute ruling,” while claiming the missing funds are being actively traced around the globe to make a full recovery of all the reserve assets.

He wrote: “Justice may be delayed, but it will never be denied.”

According to Sun, the priority remains “full recovery and restitution” of TUSD’s reserves. Investigations have been speeding up, with more evidence expected from ongoing probes into Chok, Matthew Brittain (linked to Aria entities), and former TrueCoin executives.

Since the freeze order is now active, the case is entering a new phase, and legal actions in areas like Hong Kong, Dubai, the Cayman Islands, and other regions are expected to increase, with more evidence and additional recovery steps underway.

How the $456M went missing

The origin of the fraud can be traced back to 2020 when Techteryx acquired TUSD, while TrueCoin – its original operator – remained the manager of the reserves. In the year that followed, as well as the subsequent one, TrueCoin, First Digital Trust (FDT), Legacy Trust, and offshore entities linked to Matthew Brittain allegedly joined hands to create forged documents, submit misleading filings, and move reserves out of regulated custody.

Those funds were ultimately sent to bank accounts linked to Aria DMCC, a Dubai company owned by Brittain’s spouse, and according to available information, FDT CEO Vincent Chok approved these transfers and directed funds into private accounts in exchange for undisclosed kickbacks.

The U.S. SEC later accused TrueCoin of misleading investors about the safety of TUSD’s reserves, which exposed deeper operational issues. Despite the drama, TUSD has shown great strength, remaining pegged near $1; however, this is mostly thanks to Sun’s involvement and quarantined reserves.

The famous crypto thought leader in April accused the FDT and related parties of embezzling the funds and has worked hard to prevent TUSD’s collapse by protecting holders, even going as far as to support Techteryx with a loan of around $450 million as reported by Cryptopolitan.

FDT has denied his claims, and CEO Chok claims there is no evidence to back it up while announcing plans for legal action against Sun. Despite the drama, Sun is unbothered and is more than willing to contend in court, framing his actions as safeguarding the broader crypto ecosystem.