Justin Sun revealed facts about the misappropriation of TUSD reserves
Justin Sun, the founder of TRON, reported a fraudulent scheme involving the reserves of the TrueUSD (TUSD) stablecoin amounting to over $500 million.
Funds were transferred through First Digital Trust (FDT) and Legacy Trust to ARIA structures, and then to the accounts of four banks in Dubai.
TUSD reserves were misused for investments in renewable energy projects, which caused a liquidity crisis.
Sun urged the UAE to investigate the incident, freeze suspicious assets, and strengthen oversight of financial flows.