The $456 million reserve shortfall that compelled Justin Solar to bail out token holders of his TrueUSD stablecoin is now topic to a world freezing order upheld by the Digital Financial Court docket in Dubai.
The dispute facilities on whether or not funds from TrueUSD’s reserves have been improperly funneled to Aria Commodities DMCC, a Dubai-based commerce finance firm that funds commodity shipments, mining initiatives and different illiquid companies throughout rising markets, in response to the petitioners’ legal professionals.
Aria, which is a part of a bunch of firms managed by financier Matthew William Britten, obtained the funds in 2021 and 2022 by way of accounts managed by Hong Kong trustee First Digital Belief.
First Digital Belief didn’t instantly reply to a request for remark from CoinDesk.
Techteryx alleges that these transfers violated its custody phrases and turned money reserves into long-term loans and personal transactions that might not be redeemed even when stablecoin holders requested withdrawals.
In earlier feedback to CoinDesk, Aria Group’s Matthew Brittain stated the liquidity situation is extra of a time period contract situation.
He beforehand advised CoinDesk that “ARIA CFF has by no means claimed its technique as extremely liquid or appropriate as a stablecoin reserve.”
In a judgment dated October 17, 2025, Justice Michael Black KC stated Tekteryx introduced “critical points to be thought of” and must be frozen to stop the funds from being moved or hid earlier than Hong Kong courts decide possession.
Mr Black stated he discovered that whereas Tecteryx made a reputable declare that the funds have been held on a constructive belief, Aria had not supplied “any proof” as to how the funds have been transferred or who owned the property bought with the funds.
He additionally cited the “actual threat” that Arya’s rulers, the UK, might lose or restructure property “to stop enforcement of the judgment.”
The ruling is the primary international freezing order issued by Dubai’s Digital Financial Court docket.
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