In April of this year, the systematic misappropriation of TrueUSD (TUSD) reserves drew significant attention from the industry. With the involvement of regulatory bodies in multiple locations and the deepening of cross-border investigations, this large-scale capital misappropriation case, involving multiple jurisdictions including Hong Kong, Dubai, and the Cayman Islands, has recently seen major judicial progress. On October 17, the Dubai International Financial Centre Court (“DIFC Court”) issued an indefinite global asset freeze order against Aria Commodities DMCC, involving a total of US$456 million. In response to public concerns, to enhance transparency, and to enable the industry and the public to systematically understand the sequence of events, a media briefing titled "Truth Unveiled, Justice Revealed – Progress of Global Judicial Pursuit Regarding TUSD Reserve Assets" was held in Hong Kong, China on November 27. Justin Sun, founder of TRON, attended the event and expressed his sincere gratitude to the DIFC court and its Digital Economy Tribunal for their fair and decisive ruling. He stated that they are currently actively tracing the whereabouts of the misappropriated funds globally, with the goal of fully recovering and demanding the return of the corresponding reserve assets from any perpetrators. He also stated that such incidents once again highlight the importance of strengthening the regulation of traditional financial institutions in the crypto industry, and the necessity of ensuring greater transparency in the trust relationships behind stablecoins. The TUSD bailout plan was never just about rescuing a stablecoin, but also about protecting the public interest and maintaining confidence and integrity in the blockchain industry. On April 3rd of this year, Techteryx, the operator of TUSD, disclosed that $456 million in TUSD reserves had been illegally misappropriated. The case involved Hong Kong-based First Digital Trust (“FDT”) and its affiliate Legacy Trust, as well as Dubai-based private company Aria Commodities DMCC (“Aria DMCC”). After discovering the illegal misappropriation and transfer of these funds, Justin Sun provided approximately $500 million in financial support to Techteryx using his personal funds to protect the interests of TUSD holders. On November 13, Justin Sun shared the DIFC court's ruling on social media, expressing his gratitude for the court's first global freeze order to protect the rights of TUSD holders. In his tweet, he stated, "Justice may be delayed, but it will never be absent." In the ruling, the DIFC court on October 17 extended indefinitely the property injunction and global freeze order against Aria Commodities DMCC, a wholly privately held company established in Dubai by the wife of Matthew Brittain, a British citizen and the actual controller of Aria Commodity Finance Fund. Hidden Fund Misappropriation Chains: From Custody Vulnerabilities to the Emergence of Cross-Border Fraud Structures The misappropriation of TUSD reserves dates back to late 2020, when Techteryx completed its acquisition of the TUSD business. Based on historical business continuity, TrueCoin, the original operator located in California, was retained to continue managing the reserves and handling bank-level execution and coordination. Between 2021 and 2022, TrueCoin colluded closely with some of the management of its selected Hong Kong trust institutions, FDT and Legacy Trust, and formed a chain of interests with Matthew Brittain, the actual controller of the offshore fund ACFF. Having obtained information on reserve fund instructions and fund flows, unauthorized individuals forged documents and fabricated investment instructions, repeatedly submitting materials containing false statements to banks, thereby transferring a total of $456 million in TUSD fiat currency reserves out of the regulated custody system. These funds ultimately flowed to the account of Aria DMCC, a Dubai-based private company privately owned by Matthew Brittain's wife and not an authorized investment target of Techteryx. According to the published information, Vincent Chok, CEO and director of FDT, not only approved these transfers but also actively facilitated the flow of funds to private accounts to expedite the collection of hefty secret kickbacks. After the funds arrived in Dubai, the parties involved, in order to conceal their illicit origin, fabricated fund subscription documents, packaging these unauthorized reserves as "related loans" from ACFF, and falsified repayment records to make the entire fund flow appear as a legitimate investment. Meanwhile, in 2024, the U.S. Securities and Exchange Commission (SEC) publicly stated that TrueCoin had made misleading statements about the security of its reserves for a long time, failed to disclose significant risks to investors, and had significant fraudulent elements in its management structure. International judicial breakthrough: DIFC court ruling enters freezing and recovery phase As investigative materials became increasingly concentrated, Techteryx proactively submitted materials to regulatory agencies in multiple locations and sought legal assistance starting in 2023. After months of cross-border evidence gathering and multiple rounds of hearings, the DIFC court ultimately became a key node in the case's judicial progress. On October 17th of this year, the DIFC court formally ruled that there were "significant matters requiring trial" in the $456 million fund transfer involved in the case, including whether the funds were illegally used to maintain the liquidity of the private company, whether the authorization was forged, whether the trustees committed a breach of trust, and whether the relevant institutions were involved in joint fraud. Based on the credibility of these facts and the seriousness of the conduct involved, the court issued an indefinite global asset freeze order against Aria DMCC to prevent further transfer, disposal, or disappearance of funds. Once the judgment takes effect, any organization or individual that knowingly assists in the flow of funds despite the existence of the freezing order may be guilty of contempt of court and face severe legal consequences. Legal proceedings in many parts of the world are about to be accelerated, and as more asset paths are identified, the individuals and institutions involved will face clearer legal consequences. The significance of this case extends far beyond a single stablecoin. It involves not only investor interests but also the underlying logic of global stablecoin governance, the reliability of custody systems, and the future direction of cross-border financial crime governance. In today's rapidly expanding international digital financial system, this case is expected to become a significant milestone in establishing transparent standards for the global stablecoin industry.In April of this year, the systematic misappropriation of TrueUSD (TUSD) reserves drew significant attention from the industry. With the involvement of regulatory bodies in multiple locations and the deepening of cross-border investigations, this large-scale capital misappropriation case, involving multiple jurisdictions including Hong Kong, Dubai, and the Cayman Islands, has recently seen major judicial progress. On October 17, the Dubai International Financial Centre Court (“DIFC Court”) issued an indefinite global asset freeze order against Aria Commodities DMCC, involving a total of US$456 million. In response to public concerns, to enhance transparency, and to enable the industry and the public to systematically understand the sequence of events, a media briefing titled "Truth Unveiled, Justice Revealed – Progress of Global Judicial Pursuit Regarding TUSD Reserve Assets" was held in Hong Kong, China on November 27. Justin Sun, founder of TRON, attended the event and expressed his sincere gratitude to the DIFC court and its Digital Economy Tribunal for their fair and decisive ruling. He stated that they are currently actively tracing the whereabouts of the misappropriated funds globally, with the goal of fully recovering and demanding the return of the corresponding reserve assets from any perpetrators. He also stated that such incidents once again highlight the importance of strengthening the regulation of traditional financial institutions in the crypto industry, and the necessity of ensuring greater transparency in the trust relationships behind stablecoins. The TUSD bailout plan was never just about rescuing a stablecoin, but also about protecting the public interest and maintaining confidence and integrity in the blockchain industry. On April 3rd of this year, Techteryx, the operator of TUSD, disclosed that $456 million in TUSD reserves had been illegally misappropriated. The case involved Hong Kong-based First Digital Trust (“FDT”) and its affiliate Legacy Trust, as well as Dubai-based private company Aria Commodities DMCC (“Aria DMCC”). After discovering the illegal misappropriation and transfer of these funds, Justin Sun provided approximately $500 million in financial support to Techteryx using his personal funds to protect the interests of TUSD holders. On November 13, Justin Sun shared the DIFC court's ruling on social media, expressing his gratitude for the court's first global freeze order to protect the rights of TUSD holders. In his tweet, he stated, "Justice may be delayed, but it will never be absent." In the ruling, the DIFC court on October 17 extended indefinitely the property injunction and global freeze order against Aria Commodities DMCC, a wholly privately held company established in Dubai by the wife of Matthew Brittain, a British citizen and the actual controller of Aria Commodity Finance Fund. Hidden Fund Misappropriation Chains: From Custody Vulnerabilities to the Emergence of Cross-Border Fraud Structures The misappropriation of TUSD reserves dates back to late 2020, when Techteryx completed its acquisition of the TUSD business. Based on historical business continuity, TrueCoin, the original operator located in California, was retained to continue managing the reserves and handling bank-level execution and coordination. Between 2021 and 2022, TrueCoin colluded closely with some of the management of its selected Hong Kong trust institutions, FDT and Legacy Trust, and formed a chain of interests with Matthew Brittain, the actual controller of the offshore fund ACFF. Having obtained information on reserve fund instructions and fund flows, unauthorized individuals forged documents and fabricated investment instructions, repeatedly submitting materials containing false statements to banks, thereby transferring a total of $456 million in TUSD fiat currency reserves out of the regulated custody system. These funds ultimately flowed to the account of Aria DMCC, a Dubai-based private company privately owned by Matthew Brittain's wife and not an authorized investment target of Techteryx. According to the published information, Vincent Chok, CEO and director of FDT, not only approved these transfers but also actively facilitated the flow of funds to private accounts to expedite the collection of hefty secret kickbacks. After the funds arrived in Dubai, the parties involved, in order to conceal their illicit origin, fabricated fund subscription documents, packaging these unauthorized reserves as "related loans" from ACFF, and falsified repayment records to make the entire fund flow appear as a legitimate investment. Meanwhile, in 2024, the U.S. Securities and Exchange Commission (SEC) publicly stated that TrueCoin had made misleading statements about the security of its reserves for a long time, failed to disclose significant risks to investors, and had significant fraudulent elements in its management structure. International judicial breakthrough: DIFC court ruling enters freezing and recovery phase As investigative materials became increasingly concentrated, Techteryx proactively submitted materials to regulatory agencies in multiple locations and sought legal assistance starting in 2023. After months of cross-border evidence gathering and multiple rounds of hearings, the DIFC court ultimately became a key node in the case's judicial progress. On October 17th of this year, the DIFC court formally ruled that there were "significant matters requiring trial" in the $456 million fund transfer involved in the case, including whether the funds were illegally used to maintain the liquidity of the private company, whether the authorization was forged, whether the trustees committed a breach of trust, and whether the relevant institutions were involved in joint fraud. Based on the credibility of these facts and the seriousness of the conduct involved, the court issued an indefinite global asset freeze order against Aria DMCC to prevent further transfer, disposal, or disappearance of funds. Once the judgment takes effect, any organization or individual that knowingly assists in the flow of funds despite the existence of the freezing order may be guilty of contempt of court and face severe legal consequences. Legal proceedings in many parts of the world are about to be accelerated, and as more asset paths are identified, the individuals and institutions involved will face clearer legal consequences. The significance of this case extends far beyond a single stablecoin. It involves not only investor interests but also the underlying logic of global stablecoin governance, the reliability of custody systems, and the future direction of cross-border financial crime governance. In today's rapidly expanding international digital financial system, this case is expected to become a significant milestone in establishing transparent standards for the global stablecoin industry.