Compass Investments

– Justin Sun reported a major legal success in the $456 million TUSD reserves case.

The Dubai Court has ordered the global seizure of the assets involved in the dispute.

Cross-border investigations and recovery efforts are gaining momentum.

Sun held a press conference in Hong Kong today to provide the most detailed update on the ongoing efforts to recover the missing $456 million in TUSD reserves.

The case has just reached a key legal stage, and Sun made sure that the public got the information directly from him.

Sun confirmed that the Dubai International Financial Center (DIFC) court has imposed an indefinite global injunction on the assets of Aria Commodities DMCC, an entity linked to the alleged embezzlement. The order, dated October 17, blocks any transactions involving the disputed funds and applies to all jurisdictions.

“I would like to express my deep appreciation to the DIFC court and its Digital Economy Court for this fair and decisive decision, Sun told reporters. “We are actively tracking unaccounted funds around the world with the sole purpose of fully locating and recovering all reserve assets.

He also repeated the phrase: Justice may be delayed, but it cannot be undone.

A brief overview of the alleged fraud.

After Techteryx acquired TUSD in 2020, the original TrueCoin operator continued to oversee the reserves. Between 2021 and 2022, TrueCoin, First Digital Trust (FDT), Legacy Trust and Matthew Brittain’s affiliated offshore entities allegedly collaborated to falsify records, provide incorrect reporting and remove reserves from regulated custody.

The funds were eventually transferred to the bank accounts of Aria DMCC, a Dubai-based firm owned by Brittain’s wife. According to the disclosure, FDT head Vincent Chok not only authorized the transfers, but also directed the funds to personal accounts in exchange for undisclosed commissions.

The SEC later charged TrueCoin with misleading investors about the safety of TUSD reserves, exposing deeper systemic problems.

After the freezing order takes effect, the case moves to a new stage. Litigation is expected to intensify in Hong Kong, Dubai, the Cayman Islands and elsewhere, as well as the collection of additional evidence and repatriation arrangements.

Sun said the key task remains the “full discovery and recovery” of TUSD reserves.

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