Dubai’s specialist Digital Economy Court has issued a publicly available judgment ordering a worldwide freezing injunction over $456mn in TrueUSD reserves, noting in its glossary that crypto entrepreneur Justin Sun is described as the alleged ultimate beneficial owner of the stablecoin’s issuer. Sun is not a defendant in the case, but his name appears in the court’s glossary as part of the dispute’s background.
Dubai Freezes $456mn in TUSD Reserves as Judgment References Justin Sun
17 November 2025 - 12:05 CET
By Stu Clelland
Court orders global freeze over redirected TUSD reserves
According to the judgment, the Digital Economy Court ordered a worldwide freeze on assets held by Aria Commodities DMCC up to $456mn after finding a “real risk of dissipation” of funds linked to the stablecoin’s reserves. The court also continued a proprietary injunction and a securitisation injunction that prevents Aria from restructuring or disposing of assets related to the disputed transfers.
The case focuses on a $456mn tranche of reserves held by First Digital Trust in Hong Kong. Court documents say the funds were intended for a Cayman Islands investment structure but were instead remitted directly to Aria Commodities DMCC in Dubai between May 2021 and March 2022. Techteryx, the issuer of TrueUSD, argues that the assets belong to the stablecoin’s reserve pool and brings claims of breach of trust and knowing receipt.
The Court ruled that Techteryx had shown a “serious issue to be tried” and that freezing relief was justified to preserve assets while related litigation proceeds.
Judgment references Sun and competing descriptions of ownership
In its glossary, the court lists Sun as “alleged UBO of Techteryx,” a description attributed to material presented during the application stage. The glossary separately lists Li Jinmei as Techteryx’s “sole director and UBO,” reflecting differing accounts before the court.
Elsewhere, the judgment records submissions suggesting that Tron Group is “said to be a company owned or controlled by Justin Sun” and that Sun is “said to be behind Techteryx.”
Slack messages submitted as evidence include an exchange in which a Techteryx representative requests approval for a large transaction, followed by a reply saying, “i got justins approval. Please go ahead.”
The DIFC court did not draw any conclusions about Sun’s role, did not make findings on ownership, and did not issue any order against him.
Who is Justin Sun?
Sun is the founder of the Tron blockchain and a prominent figure in the digital asset industry. He has held senior roles connected to the Huobi digital asset platform and has been associated with multiple crypto projects, although he is not accused of wrongdoing in this case.
Parallel filings outline the same $456mn reserve gap
Separate proceedings in Singapore provide additional details about the reserve movements. In Finaport Pte Ltd v Techteryx Ltd [2024] SGHC 329, the Singapore High Court recorded that First Digital Trust had invested $456mn into Aria Commodities DMCC, identifying the same pool of assets now subject to the Dubai freeze.
Public attestation reports released in Hong Kong by Techteryx’s auditor later stated that part of TUSD’s reserves was held in “investments that cannot be readily converted into cash,” which required steps to restore full liquidity.
The Dubai freezing order applies only to assets held by Aria Commodities DMCC that the court considered potentially traceable to those transfers. Sun is not a party to the case and has not been accused of wrongdoing.
