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Tron’s Justin Sun Bailed Out TUSD as Stablecoin’s $456M Reserves Were Stuck in Limbo, Filings Show

Justin Sun bailed out Techteryx’s TrueUSD stablecoin after nearly half a billion dollars of its reserves were rendered illiquid, people close to the matter confirmed, and the stablecoin issuer said in Hong Kong court documents.
After acquiring TrueUSD from TrueCoin in December 2020, Techteryx appointed First Digital Trust (FDT), a Hong Kong-based fiduciary, to manage its stablecoin reserves.
According to documents prepared by U.S. law firm Cahill Gordon & Reindel, FDT was instructed to invest the reserves in the Aria Commodity Finance Fund (Aria CFF), a Cayman Islands-registered vehicle. However, court filings allege that approximately $456 million was instead improperly diverted into Aria Commodities DMCC, a separate, unauthorized entity based in Dubai.
Court documents identify Matthew Brittain as controlling Aria Commodity Finance Fund (Aria CFF) through Aria Capital Management Ltd and Cecilia Brittain as the sole shareholder of the separately owned Dubai-based entity Aria Commodities DMCC.
However, emails from Aria’s Matthew Brittan are signed with an address in Dubai.
Court documents say that Cecilia is Matthew’s wife.
ARIA DMCC engages in trade finance, asset development, and commodity trading, while ARIA CFF finances commodity traders, including ARIA DMCC and third parties, according to Matthew Brittain, who described the relationship between the two companies in an email to CoinDesk.
Attestations produced by Moore CPA Limited show that FDT managed $501 million of TrueUSD’s reserves by November 2024.
Hong Kong court filings also say Vincent Chok, First Digital’s CEO, allegedly directed around $15.5 million in undisclosed commissions to an entity called «Glass Door» and separately structured approximately $15 million in unauthorized trade finance loans from FDT to Aria DMCC, later retroactively mischaracterizing them as legitimate fund investments in actions plaintiffs describe as fraudulent misrepresentation and misappropriation.
«The remittances to Aria DMCC were blatant misappropriation and money-laundering,» a statement of claim reads. «They were made without the knowledge, authorization or approval of the Plaintiff.»
These statements have not been tried in court as of press time.
Aria DMCC invested funds in global projects that they described as relatively illiquid, such as manufacturing plants, mining operations, maritime vessels, port infrastructure, and renewable energy ventures.
When Techteryx attempted to redeem its investments from Aria CFF between mid-2022 and early 202,3 it received little or no funds back, with Aria entities allegedly defaulting on payments and failing to fulfill redemption requests, the court documents say.
Techteryx then took full operational control of TUSD in July 2023, terminating TrueCoin’s involvement. As part of a transitional period following the December 2020 sale, TrueCoin continued running the day-to-day operations of TUSD.
According to court filings, Sun stepped in around this time to provide emergency liquidity support, which was structured as a loan.
The Techteryx team then quarantined 400 million TUSD so that retail redemptions could continue and token holders wouldn’t be affected, despite the stablecoin issuer’s empty coffers, the court filings said.
First Digital says it followed Techteryx’s instructions
In response to a request for comment from CoinDesk, First Digital’s Chok, categorically denied any wrongdoing or participation in fraudulent schemes.
Chok told CoinDesk that First Digital Trust acted strictly as a fiduciary intermediary, executing transactions precisely according to instructions provided by Techteryx and its representatives. He asserted that his company was not responsible for independently evaluating or advising on these investment decisions.
«It is our understanding that one of the main blockers voiced by ARIA for early redemptions of funds (as requested by Techteryx) has been their AML/KYC concerns regarding the deal between TrueCoin and Techteryx and the true identity of the ultimate beneficial owner of Techteryx,» Chok said in an email to CoinDesk, adding that he believed nobody named in the case considers Aria illiquid.
«We have not yet had the opportunity to fully defend ourselves,» Chok said in an email to CoinDesk. «We are fully committed to clarifying these matters in due course as the legal and arbitration process continues.»
Aria Group’s Matthew Brittain said to CoinDesk that he «completely rejects Techteryx’s claims against ARIA DMCC and any related entities,» adding that «a number of false allegations were made in the court proceedings.»
Techteryx was fully aware of term commitments, Brittain said, and these were outlined in contracts that subscribers have agreed to when investing in ARIA CFF, which are clearly set out in the Offering Memorandum.
Brittain also echoed Chok’s concerns about Techteryx’s beneficial ownership, pointing to Wall Street Journal coverage of the topic.
The Hong Kong writ identifies Li Jinmei as the ultimate beneficial owner of Techteryx. A spokesperson for Techteryx confirmed that this is not the same person as Jennifer Yiyang – the previous ultimate beneficial owner of the company – despite some media reporting to the contrary.
«The subscriber has not resolved these issues,» Brittain continued, referring to the beneficial ownership concerns.
Prime Trust’s collapse and SEC settlement compounds challenges
While this was happening, TUSD’s challenges continued in the form of a collapsing banking partner and regulatory scrutiny in the U.S.
In mid-2023, Prime Trust, an independent crypto custodian based in Nevada that is not connected to this case, but which TrueUSD used for its fiat ramps, was put into receivership by state regulators.
State regulators alleged Prime Trust had improperly used customer funds to cover withdrawal requests, raising serious concerns about its financial stability.
Court filings from Nevada showed that Prime Trust owed around $85 million in fiat obligations with only about $3 million available.
This wasn’t the last headache for the stablecoin issuer.
In September 2024, TrueCoin and TrustToken (the stablecoin’s owners before Techteryx) settled with the SEC over allegations they falsely marketed TrueUSD as fully dollar-backed while secretly investing reserves in risky offshore funds.
Without admitting wrongdoing, or detailing the nature of their offshore investments with Aria’s companies, both TrueCoin and TrustToken agreed to pay civil penalties and disgorge profits to the tune of just over $500,000 to resolve charges of fraud and unregistered securities offerings.
For his part, Aria’s Brittain said that investing in Aria wasn’t the right move to begin with for a stablecoin’s reserves.
«ARIA CFF has never held [its] strategy out as highly liquid, or appropriate for the reserves of a stablecoin,» he said in an email.
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North Korean Hackers Targeting Crypto Developers With U.S. Shell Firms

North Korean hackers posing as American tech entrepreneurs quietly registered companies in New York and New Mexico as part of a campaign to compromise developers in the crypto industry, security firm Silent Push said Thursday.
Two businesses, Blocknovas and Softglide, were created using fictitious identities and addresses. The operation is tied to a subgroup within the Lazarus Group.
The North Korean-backed hacking unit has stolen billions worth of crypto in the past years using sophisticated techniques and strategies that target unsuspecting individuals or companies.
“This is a rare example of North Korean hackers actually managing to set up legal corporate entities in the US in order to create corporate fronts used to attack unsuspecting job applicants,” said Kasey Best, director of threat intelligence at Silent Push, said.
The hackers’ playbook is as manipulative as it is effective: use fake LinkedIn-style profiles and job postings to lure crypto developers into interviews. Then, during the recruitment process, they are tricked into downloading malware disguised as job application tools.
Silent Push identified multiple victims of the operation, especially those contacted through Blocknovas, which researchers say was the most active of the three front companies. The firm’s listed address in South Carolina appears to be an empty lot, while Softglide was registered through a tax office in Buffalo, New York.
The firm added that the malware used in the campaign includes at least three virus strains previously tied to North Korean cyber units. These programs can steal data, provide remote access to infected systems, and serve as entry points for additional spyware or ransomware.
The FBI has seized the Blocknovas domain, per Reuters. A notice posted to the site states it was taken down “as part of a law enforcement action against North Korean cyber actors who utilised this domain to deceive individuals with fake job postings and distribute malware.”
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Nvidia Continues to Keep Crypto at Arm’s Length

Arbitrum (ARB) was set to make a splash.
The Layer 2 network, home to a growing number of decentralized AI platforms, was preparing to announce a milestone: it had been named Nvidia’s exclusive Ethereum partner for the chipmaker’s new Ignition AI Accelerator, an offshoot of its Inception program that supports promising AI startups with infrastructure credits and mentorship.
Then came the pivot.
“We received some last-minute comms from Nvidia requesting to pause the announcement, however, they didn’t provide any specific details as to why,” a spokesperson told CoinDesk in an email.
It’s a telling moment, and a reminder that despite crypto’s continued efforts to align with the booming AI sector, Nvidia’s programs still explicitly exclude crypto-related projects. A quick look at the Inception Accelerator’s criteria (Ignition is an offshoot of it, given the Inception badge on its site) shows a clear disqualifier: cryptocurrency.
This stance isn’t new, and while it may frustrate crypto developers looking to tap into Nvidia’s ecosystem, it reflects a longer history of distance, and occasional disparagement, from the company’s leadership.
Back in 2018, co-founder and CEO Jensen Huang described the fallout from the ICO boom as giving Nvidia a “crypto hangover.” Ethereum’s price collapse left the company saddled with unsold GPU inventory, and Nvidia later paid a $5.5 million fine over how it reported crypto-related revenue impact.
Years later, in a 2023 interview with The Guardian, Nvidia CTO Michael Kagan was more direct: “Crypto doesn’t bring anything useful for society,” he said, adding, “I never believed that [crypto] is something that will do something good for humanity,” contrasting it to AI.
This skepticism has stood in stark contrast to Nvidia’s embrace of artificial intelligence, and occasional tolerance of blockchain.
At the company’s 2024 Graphics Technology Conference, Huang appeared onstage with Illia Polosukhin, co-author of Attention Is All You Need, the paper that introduced Transformer models, which are the foundation for modern AI tools like ChatGPT. While Polosukhin also co-founded the NEAR blockchain, the discussion centered squarely on AI, not crypto.
The closest nod to the industry came when Huang, in characteristically broad strokes, said: “We got programmable humans, we got programmable proteins, we got programmable money.” The remark, likely rhetorical, wasn’t a signal of support for crypto, despite the AI token bulls, and indeed not of any strategic shift.
Even though Nvidia has been clear on its position about crypto, some in the industry continue to interpret moments like these as cracks in the door, a potential softening that might eventually lead to inclusion. But with crypto still formally excluded from Nvidia’s flagship programs and the company declining to comment on its current stance, the door appears just as firmly shut.
For now, Nvidia’s message seems clear: crypto’s not invited.
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Bitcoin Traders Target $95K in Near Term; SUI Continues Multiday Rally

Crypto majors were little changed over the past 24 hours as markets settled from a rally, and then profit-taking from earlier in the week. Bitcoin (BTC) traded above $93,000 in Asian morning hours Friday, with traders pointing to increased optimism of short-term gains.
“With BTC holding firmly above $90K, sentiment is becoming increasingly optimistic,” QCP Capital said in a Telegram broadcast. “Call options at $95K strikes for end-April and end-May expiries have dominated flow, pointing to a tactical appetite for further upside.”
Call options are contracts giving the buyer the right to purchase an asset at a set price before a deadline. A flurry of call option buying activity indicates traders are betting bitcoin’s price will exceed $95,000 by late April or May — a tradeable signal for retail traders.
“Still, with macro risks temporarily subdued and trade tensions cooling, BTC is likely to consolidate in a narrow $90K–$94.5K range while awaiting a decisive push toward the elusive $100K mark,” the firm said, reiterating its tone of remaining “cautious” as market sentiment hinges on macroeconomic factors.
Among majors, XRP, BNB Chain’s BNB stayed flat and Solana’s SOL showed a 2% bump. Dogecoin (DOGE) and Cardano’s ADA zoomed more than 4%, while shiba inu (SHIB) added 5%.
The broad-based CoinDesk 20, a liquid index tracking the largest tokens by market capitalization, rose 1.2%.
Outside of majors, Sui Network’s SUI continued a multiday rally to bring weekly gains to over 62%. Catalysts include the ecosystem company xPortal, which is releasing a payment card that runs on the Mastercard network.
https://x.com/SuiNetwork/status/1915395312111530191
Data from DefiLlama shows that the total value locked (TVL) on the Sui Network has exceeded $1.6 billion, an increase of over 9% in the past 24 hours.
Additionally, the decentralized exchange (DEX) on the Sui Network has seen its 24-hour trading volume reach $599 million, showing a 35% growth compared to the previous week.
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