FDT Supports Techteryx in Recovering Frozen TrueUSD Reserves
First Digital Trust (FDT) has voiced support for Techteryx in its effort to reclaim $456 million in TrueUSD reserves recently frozen by a Dubai court. The funds became illiquid in 2023 after being transferred into complex investment structures tied to the Aria Group, prompting an emergency bailout from Justin Sun to maintain the stablecoin’s operations.
“We welcome any steps that assist Techteryx in pursuing recovery of its funds from the Aria entities,” FDT CEO Vincent Chok told CoinDesk. “The Court has ordered Aria to disclose the assets, and we look forward to the outcome of that process.”
FDT was not a party to the Dubai proceedings. Its link to Aria comes from its former role as fiduciary custodian for TrueUSD reserves held on behalf of Techteryx. According to prior reports, Techteryx instructed FDT to place the funds into the Aria Commodity Finance Fund, a Cayman Islands vehicle. Later Hong Kong court filings indicated that roughly $456 million was instead transferred to Aria Commodities DMCC, a Dubai-based entity, where the assets became tied up in illiquid trade-finance positions.
Chok stressed that FDT acted solely as a fiduciary intermediary, executing transactions as directed by Techteryx.
FDT is also pursuing a defamation case against Justin Sun, who in April claimed the trustee was “effectively insolvent,” temporarily unpegging FDT’s stablecoin, FDUSD. “There are no public updates to share at this stage,” Chok said.
